diff --git a/src/__tests__/__fixtures__/F6-hydratedCID.json b/src/__tests__/__fixtures__/F6-hydratedCID.json
new file mode 100644
index 0000000..c35130c
--- /dev/null
+++ b/src/__tests__/__fixtures__/F6-hydratedCID.json
@@ -0,0 +1,31 @@
+{
+  "$type": "app.bsky.embed.external",
+  "external": {
+    "uri": "https://assistant.kagi.com/share/690e7bea-e677-4bdf-ae1e-b40e23971c66",
+    "thumb": {
+      "ref": {
+        "code": 85,
+        "version": 1,
+        "hash": {
+          "0": 18, "1": 32, "2": 56, "3": 125, "4": 112, "5": 174, "6": 15, "7": 217,
+          "8": 67, "9": 93, "10": 64, "11": 156, "12": 137, "13": 69, "14": 190, "15": 86,
+          "16": 10, "17": 243, "18": 185, "19": 95, "20": 202, "21": 213, "22": 196, "23": 102,
+          "24": 237, "25": 86, "26": 69, "27": 24, "28": 64, "29": 39, "30": 86, "31": 149,
+          "32": 239, "33": 136
+        }
+      },
+      "mimeType": "image/webp",
+      "size": 65426,
+      "original": {
+        "$type": "blob",
+        "ref": {
+          "$link": "bafkreibypvyk4d6zinoubhejiw7fmcxtxfp4vvoem3wvmriyiatvnfppra"
+        },
+        "mimeType": "image/webp",
+        "size": 65426
+      }
+    },
+    "title": "Tool for Managing Bluesky App Forks - Kagi Assistant",
+    "description": "Access multiple AI models without being tracked."
+  }
+}
diff --git a/src/__tests__/extract.test.js b/src/__tests__/extract.test.js
index 365c5ad..1b32a85 100644
--- a/src/__tests__/extract.test.js
+++ b/src/__tests__/extract.test.js
@@ -7,6 +7,7 @@ import F2 from './__fixtures__/F2-hydrated.json';
 import F3 from './__fixtures__/F3-legacy.json';
 import F4 from './__fixtures__/F4-recordWithMedia.json';
 import F5 from './__fixtures__/F5-thirdparty.json';
+import F6 from './__fixtures__/F6-hydratedCID.json';
 
 describe('extractBlobRefs — fixture F1 (modern blob ref)', () => {
   const refs = extractBlobRefs(F1);
@@ -72,6 +73,30 @@ describe('extractBlobRefs — fixture F5 (third-party lexicon, arbitrary depth)'
   });
 });
 
+describe('extractBlobRefs — fixture F6 (client-hydrated CID ref)', () => {
+  test('finds the blob when ref is a hydrated CID object (no $type on wrapper)', () => {
+    const refs = extractBlobRefs(F6);
+    expect(refs).toHaveLength(1);
+    expect(refs[0].cid).toBe('bafkreibypvyk4d6zinoubhejiw7fmcxtxfp4vvoem3wvmriyiatvnfppra');
+    expect(refs[0].mimeType).toBe('image/webp');
+  });
+
+  test('works when the CID object exposes toString() like multiformats', () => {
+    const cidObj = {
+      code: 85,
+      version: 1,
+      toString: () => 'bafkreibypvyk4d6zinoubhejiw7fmcxtxfp4vvoem3wvmriyiatvnfppra',
+    };
+    const record = {
+      $type: 'app.bsky.embed.external',
+      external: { thumb: { ref: cidObj, mimeType: 'image/webp', size: 65426 } },
+    };
+    const refs = extractBlobRefs(record);
+    expect(refs).toHaveLength(1);
+    expect(refs[0].cid).toBe('bafkreibypvyk4d6zinoubhejiw7fmcxtxfp4vvoem3wvmriyiatvnfppra');
+  });
+});
+
 describe('extractBlobRefs — general behavior', () => {
   test('handles primitives, null, arrays', () => {
     expect(extractBlobRefs(null)).toEqual([]);
diff --git a/src/lib/extract.js b/src/lib/extract.js
index bb8159e..332b5db 100644
--- a/src/lib/extract.js
+++ b/src/lib/extract.js
@@ -12,6 +12,30 @@
 //   F3 — legacy            { "cid": "bafk...", "mimeType": "image/jpeg" }
 //   F4 — deeply nested inside app.bsky embeds
 //   F5 — arbitrary position inside a third-party lexicon record
+//
+// REAL-WORLD (learned from production): the @atproto/api client hydrates
+// `ref` values into multiformats CID objects ({code, version, hash, ...})
+// when it parses listRecords responses. `CID.toString()` yields the
+// "bafk..." string. The hydrated blob node is wrapped as
+// { ref: CID, mimeType, size, original: { $type: 'blob', ... } } and the
+// wrapper itself has NO $type — so we must also recognize objects whose
+// `ref` resolves to a CID AND that carry mimeType/size.
+
+const isCidLike = (s) => typeof s === 'string' && /^baf[a-z0-9]+$/i.test(s);
+
+/** Resolve a blob ref (string, {$link}, or hydrated CID object) to a CID string or null. */
+function cidFromRef(ref) {
+  if (ref === null || ref === undefined) return null;
+  if (typeof ref === 'string') return isCidLike(ref) ? ref : null;
+  if (typeof ref !== 'object') return null;
+  if (typeof ref.$link === 'string') return isCidLike(ref.$link) ? ref.$link : null;
+  // hydrated CID object (multiformats) — toString() gives the bafk... string
+  if (typeof ref.toString === 'function') {
+    const s = ref.toString();
+    if (isCidLike(s)) return s;
+  }
+  return null;
+}
 
 /**
  * @param {*} value - a record value (object, array, primitive)
@@ -21,7 +45,14 @@ export function extractBlobRefs(value) {
   const seen = new Set();
   const out = [];
 
-  const isCidLike = (s) => typeof s === 'string' && /^baf[a-z0-9]+$/i.test(s);
+  const push = (cid, mimeType, size) => {
+    if (seen.has(cid)) return;
+    seen.add(cid);
+    const entry = { cid };
+    if (typeof mimeType === 'string' && mimeType) entry.mimeType = mimeType;
+    if (typeof size === 'number') entry.size = size;
+    out.push(entry);
+  };
 
   const walk = (node) => {
     if (node === null || node === undefined) return;
@@ -32,23 +63,32 @@ export function extractBlobRefs(value) {
     if (typeof node !== 'object') return;
 
     const t = node.$type;
+    const hasBlobRef = 'ref' in node || 'cid' in node;
 
     if (t === 'blob') {
-      // F1: ref is a link object
-      if (node.ref && typeof node.ref === 'object' && typeof node.ref.$link === 'string') {
-        push(node.ref.$link, node.mimeType, node.size);
+      const cid = cidFromRef(node.ref);
+      if (cid) {
+        push(cid, node.mimeType, node.size);
         return; // do not recurse into ref internals
       }
-      // F2: ref already hydrated as a string (some clients)
-      if (typeof node.ref === 'string' && isCidLike(node.ref)) {
-        push(node.ref, node.mimeType, node.size);
+    } else if (hasBlobRef) {
+      // Hydrated wrapper (no $type): { ref: CID, mimeType, size, original } —
+      // or legacy F3 { cid, mimeType } — recognize only when it looks like a
+      // blob (carries mimeType/size), not arbitrary {ref} fields.
+      if (node.ref !== undefined && cidFromRef(node.ref) && ('mimeType' in node || 'size' in node)) {
+        push(cidFromRef(node.ref), node.mimeType, node.size);
+        return;
+      }
+      if (
+        !t &&
+        typeof node.cid === 'string' &&
+        isCidLike(node.cid) &&
+        ('mimeType' in node || 'size' in node)
+      ) {
+        // F3 legacy shape
+        push(node.cid, node.mimeType, node.size);
         return;
       }
-      // F1 variant: ref is an object with a $link deeper (unusual) — fall through
-    } else if (!t && typeof node.cid === 'string' && isCidLike(node.cid) && ('mimeType' in node || 'size' in node)) {
-      // F3: legacy pre-blob-refactor shape
-      push(node.cid, node.mimeType, node.size);
-      return;
     }
 
     // F4/F5: generic recursion
@@ -57,15 +97,6 @@ export function extractBlobRefs(value) {
     }
   };
 
-  const push = (cid, mimeType, size) => {
-    if (seen.has(cid)) return;
-    seen.add(cid);
-    const entry = { cid };
-    if (typeof mimeType === 'string' && mimeType) entry.mimeType = mimeType;
-    if (typeof size === 'number') entry.size = size;
-    out.push(entry);
-  };
-
   walk(value);
   return out;
 }