The king sinking in the sea is the arcane substance, which Maier calls the ‘antimony of the philosophers.’ The arcane substance corresponds to the Christian dominant, which was originally alive and present in consciousness but then sank into the unconscious and must now be restored in renewed form.
Jung explicitly identifies the arcane substance with the sunken Christian dominant—a once-conscious psychic content that has regressed into the unconscious and must be recovered through the alchemical opus.
, Mysterium Coniunctionis: An Inquiry into the Separation and Synthesis of Psychic Opposites in Alchemy, 1955thesis