sink (v.) Look up sink at Dictionary.com
Old English sincan "become submerged, go under" (past tense sanc, past participle suncen), from Proto-Germanic *senkwanan (cf. Old Saxon sinkan, Old Norse sökkva, Middle Dutch sinken, Dutch zinken, Old High German sinkan, German sinken, Gothic sigqan), from PIE root *sengw- "to sink."

The transitive use supplants Middle English sench (cf. drink/drench) which died out 14c. Sinking fund is from 1724; sinker in fishing line sense is from 1844. Adjective phrase sink or swim is from 1660s. To sink without a trace is WWI military jargon, translating German spurlos versenkt.
sink (n.) Look up sink at Dictionary.com
early 15c., "pool or pit for wastewater or sewage," from sink (v.). Sense of "shallow basin with drainpipe" first recorded 1560s.