Moulinglacia the Elemental Lord

Regarding "This card cannot be Normal Summoned. Must first be Special Summoned (from your hand) by having exactly 5 WATER monsters in your GY":

This is not treated as an effect. (No Chain Link is created when Special Summoning this way.)

You can only Special Summon this card by the method written in the text. It cannot be Special Summoned by the effects of other cards.

【Regarding the ① effect】

This is a Trigger Effect that activates in the Monster Zone. (This effect activates automatically when this card is successfully Special Summoned. It does not target.)

This effect can be activated even if your opponent has 0 or 1 card in their hand. If your opponent has only 1 card in their hand when resolving this effect, that 1 card is discarded.

【Regarding the ② effect】

This effect is not classified as an Ignition Effect, Trigger Effect, Quick Effect, or Continuous Effect. (It is applied without forming a Chain Link when this card leaves the field.)

This is also applied if this card, while face-up on the field, is returned to the Deck or banished face-down.

This is also applied if this card, while face-up in the Spell & Trap Zone, leaves the field.

This is not applied if this card becomes an Xyz Material, or if this card is detached as an Xyz Material.