diff --git a/packages/svelte/src/internal/client/dev/tracing.js b/packages/svelte/src/internal/client/dev/tracing.js
index 65c6379625..5834f5bffd 100644
--- a/packages/svelte/src/internal/client/dev/tracing.js
+++ b/packages/svelte/src/internal/client/dev/tracing.js
@@ -26,23 +26,6 @@ function log_entry(signal, entry) {
 		return;
 	}
 
-	if (signal.trace) {
-		var previous_captured_signals = captured_signals;
-		var captured = new Set();
-		set_captured_signals(captured);
-
-		try {
-			untrack(signal.trace);
-		} finally {
-			set_captured_signals(previous_captured_signals);
-		}
-
-		if (captured.size > 0) {
-			for (const dep of captured) log_entry(dep);
-			return;
-		}
-	}
-
 	const type = (signal.f & DERIVED) !== 0 ? '$derived' : '$state';
 	const current_reaction = /** @type {Reaction} */ (active_reaction);
 	const dirty = signal.wv > current_reaction.wv || current_reaction.wv === 0;
@@ -103,19 +86,25 @@ export function trace(label, fn) {
 		var value = fn();
 		var time = (performance.now() - start).toFixed(2);
 
+		var prefix = untrack(label);
+
 		if (!effect_tracking()) {
 			// eslint-disable-next-line no-console
-			console.log(`${label()} %cran outside of an effect (${time}ms)`, 'color: grey');
+			console.log(`${prefix} %cran outside of an effect (${time}ms)`, 'color: grey');
 		} else if (tracing_expressions.entries.size === 0) {
 			// eslint-disable-next-line no-console
-			console.log(`${label()} %cno reactive dependencies (${time}ms)`, 'color: grey');
+			console.log(`${prefix} %cno reactive dependencies (${time}ms)`, 'color: grey');
 		} else {
 			// eslint-disable-next-line no-console
-			console.group(`${label()} %c(${time}ms)`, 'color: grey');
+			console.group(`${prefix} %c(${time}ms)`, 'color: grey');
 
-			for (const [signal, traces] of tracing_expressions.entries) {
-				log_entry(signal, traces);
-			}
+			var entries = tracing_expressions.entries;
+
+			untrack(() => {
+				for (const [signal, traces] of entries) {
+					log_entry(signal, traces);
+				}
+			});
 
 			tracing_expressions = null;
 
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index c06705ce24..9544060959 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -39,6 +39,7 @@ import {
 	set_dev_current_component_function
 } from './context.js';
 import { handle_error, invoke_error_boundary } from './error-handling.js';
+import { snapshot } from '../shared/clone.js';
 
 let is_flushing = false;
 
@@ -769,6 +770,7 @@ export function get(signal) {
 	if (
 		DEV &&
 		tracing_mode_flag &&
+		!untracking &&
 		tracing_expressions !== null &&
 		active_reaction !== null &&
 		tracing_expressions.reaction === active_reaction
diff --git a/packages/svelte/tests/runtime-legacy/shared.ts b/packages/svelte/tests/runtime-legacy/shared.ts
index c0d1177a82..11ea9f6dda 100644
--- a/packages/svelte/tests/runtime-legacy/shared.ts
+++ b/packages/svelte/tests/runtime-legacy/shared.ts
@@ -3,7 +3,7 @@ import { setImmediate } from 'node:timers/promises';
 import { globSync } from 'tinyglobby';
 import { createClassComponent } from 'svelte/legacy';
 import { proxy } from 'svelte/internal/client';
-import { flushSync, hydrate, mount, unmount } from 'svelte';
+import { flushSync, hydrate, mount, unmount, untrack } from 'svelte';
 import { render } from 'svelte/server';
 import { afterAll, assert, beforeAll } from 'vitest';
 import { compile_directory, fragments } from '../helpers.js';
diff --git a/packages/svelte/tests/runtime-runes/samples/inspect-trace-each/Entry.svelte b/packages/svelte/tests/runtime-runes/samples/inspect-trace-each/Entry.svelte
new file mode 100644
index 0000000000..a22f006dcc
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/inspect-trace-each/Entry.svelte
@@ -0,0 +1,8 @@
+<script>
+	let { entry } = $props();
+
+	$effect(() => {
+		$inspect.trace('effect');
+		entry;
+	});
+</script>
diff --git a/packages/svelte/tests/runtime-runes/samples/inspect-trace-each/_config.js b/packages/svelte/tests/runtime-runes/samples/inspect-trace-each/_config.js
new file mode 100644
index 0000000000..94cd9d8aaf
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/inspect-trace-each/_config.js
@@ -0,0 +1,40 @@
+import { flushSync } from 'svelte';
+import { test } from '../../test';
+import { normalise_trace_logs } from '../../../helpers.js';
+
+export default test({
+	compileOptions: {
+		dev: true
+	},
+
+	test({ assert, target, logs }) {
+		assert.deepEqual(normalise_trace_logs(logs), [
+			{ log: 'effect' },
+			{ log: '$state', highlighted: true },
+			{ log: 'array', highlighted: false },
+			{ log: [{ id: 1, hi: true }] },
+			// this _doesn't_ appear in the browser, but it does appear during tests
+			// and i cannot for the life of me figure out why. this does at least
+			// test that we don't log `array[0].id` etc
+			{ log: '$state', highlighted: true },
+			{ log: 'array[0]', highlighted: false },
+			{ log: { id: 1, hi: true } }
+		]);
+
+		logs.length = 0;
+
+		const button = target.querySelector('button');
+		button?.click();
+		flushSync();
+
+		assert.deepEqual(normalise_trace_logs(logs), [
+			{ log: 'effect' },
+			{ log: '$state', highlighted: true },
+			{ log: 'array', highlighted: false },
+			{ log: [{ id: 1, hi: false }] },
+			{ log: '$state', highlighted: false },
+			{ log: 'array[0]', highlighted: false },
+			{ log: { id: 1, hi: false } }
+		]);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/inspect-trace-each/main.svelte b/packages/svelte/tests/runtime-runes/samples/inspect-trace-each/main.svelte
new file mode 100644
index 0000000000..e89ee7d9bc
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/inspect-trace-each/main.svelte
@@ -0,0 +1,11 @@
+<script>
+	import Entry from './Entry.svelte';
+
+	let array = $state([{ id: 1, hi: true }]);
+</script>
+
+<button onclick={() => array = [{ id: 1, hi: false}]}>update</button>
+
+{#each array as entry (entry.id)}
+	<Entry {entry} />
+{/each}