diff --git a/packages/svelte/src/internal/client/reactivity/batch.js b/packages/svelte/src/internal/client/reactivity/batch.js
index 52def2a715..f1f20164e3 100644
--- a/packages/svelte/src/internal/client/reactivity/batch.js
+++ b/packages/svelte/src/internal/client/reactivity/batch.js
@@ -10,7 +10,8 @@ import {
 	INERT,
 	RENDER_EFFECT,
 	ROOT_EFFECT,
-	USER_EFFECT
+	USER_EFFECT,
+	MAYBE_DIRTY
 } from '#client/constants';
 import { async_mode_flag } from '../../flags/index.js';
 import { deferred, define_property } from '../../shared/utils.js';
@@ -146,6 +147,18 @@ export class Batch {
 	 */
 	#block_effects = [];
 
+	/**
+	 * Deferred effects (which run after async work has completed) that are DIRTY
+	 * @type {Effect[]}
+	 */
+	#dirty_effects = [];
+
+	/**
+	 * Deferred effects that are MAYBE_DIRTY
+	 * @type {Effect[]}
+	 */
+	#maybe_dirty_effects = [];
+
 	/**
 	 * A set of branches that still exist, but will be destroyed when this batch
 	 * is committed — we skip over these during `process`
@@ -221,10 +234,9 @@ export class Batch {
 
 			this.#deferred?.resolve();
 		} else {
-			// otherwise mark effects clean so they get scheduled on the next run
-			for (const e of this.#render_effects) set_signal_status(e, CLEAN);
-			for (const e of this.#effects) set_signal_status(e, CLEAN);
-			for (const e of this.#block_effects) set_signal_status(e, CLEAN);
+			this.#defer_effects(this.#render_effects);
+			this.#defer_effects(this.#effects);
+			this.#defer_effects(this.#block_effects);
 		}
 
 		if (current_values) {
@@ -307,6 +319,21 @@ export class Batch {
 		}
 	}
 
+	/**
+	 * @param {Effect[]} effects
+	 */
+	#defer_effects(effects) {
+		for (const e of effects) {
+			const target = (e.f & DIRTY) !== 0 ? this.#dirty_effects : this.#maybe_dirty_effects;
+			target.push(e);
+
+			// mark as clean so they get scheduled if they depend on pending async state
+			set_signal_status(e, CLEAN);
+		}
+
+		effects.length = 0;
+	}
+
 	/**
 	 * Associate a change to a given source with the current
 	 * batch, noting its previous and current values
@@ -384,18 +411,13 @@ export class Batch {
 		this.#pending -= 1;
 
 		if (this.#pending === 0) {
-			for (const e of this.#render_effects) {
+			for (const e of this.#dirty_effects) {
 				set_signal_status(e, DIRTY);
 				schedule_effect(e);
 			}
 
-			for (const e of this.#effects) {
-				set_signal_status(e, DIRTY);
-				schedule_effect(e);
-			}
-
-			for (const e of this.#block_effects) {
-				set_signal_status(e, DIRTY);
+			for (const e of this.#maybe_dirty_effects) {
+				set_signal_status(e, MAYBE_DIRTY);
 				schedule_effect(e);
 			}
 
diff --git a/packages/svelte/tests/runtime-runes/samples/async-effect-conservative/_config.js b/packages/svelte/tests/runtime-runes/samples/async-effect-conservative/_config.js
new file mode 100644
index 0000000000..bab06a203d
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-effect-conservative/_config.js
@@ -0,0 +1,28 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target, logs }) {
+		await tick();
+
+		const [increment] = target.querySelectorAll('button');
+
+		assert.deepEqual(logs, [false]);
+		assert.htmlEqual(target.innerHTML, '<button>increment</button><p>0</p>');
+
+		increment.click();
+		await tick();
+		assert.deepEqual(logs, [false]);
+		assert.htmlEqual(target.innerHTML, '<button>increment</button><p>1</p>');
+
+		increment.click();
+		await tick();
+		assert.deepEqual(logs, [false, true]);
+		assert.htmlEqual(target.innerHTML, '<button>increment</button><p>2</p>');
+
+		increment.click();
+		await tick();
+		assert.deepEqual(logs, [false, true]);
+		assert.htmlEqual(target.innerHTML, '<button>increment</button><p>3</p>');
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-effect-conservative/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-effect-conservative/main.svelte
new file mode 100644
index 0000000000..5305067a5a
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-effect-conservative/main.svelte
@@ -0,0 +1,17 @@
+<script lang="ts">
+	let count = $state(0);
+	let two_or_larger = $derived(count >= 2);
+
+	$effect(() => {
+		console.log(two_or_larger);
+	});
+</script>
+
+<svelte:boundary>
+	<button onclick={() => count += 1}>increment</button>
+	<p>{await count}</p>
+
+	{#snippet pending()}
+		<p>loading...</p>
+	{/snippet}
+</svelte:boundary>