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*udrós 'water' was a PIE adjective
this led to English 'otter', as well as the words for 'otter' in Sanskrit (udrá), Latin (lutra) and Slavic (e.g. Czech vydra)
but, in Greek, it became húdrā 'water snake', origin of the mythological Hydra
yes, 'Hydra' and 'otter' are cognates