reformat logic

packages/svelte/src/compiler/phases/3-transform/client/visitors/ObjectExpression.js

@@ -36,10 +36,10 @@ export function ObjectExpression(node, context) {
 		/** @type {Expression} */
 		let value = /** @type {Expression} */ (context.visit(property.value.arguments[0] ?? b.void0));
 		value =
-			deep && should_proxy(value, context.state.scope)
-				? b.call('$.proxy', value)
-				: rune === '$derived'
+			rune === '$derived'
 				? b.thunk(value)
+				: rune !== '$derived.by' && deep && should_proxy(value, context.state.scope)
+					? b.call('$.proxy', value)
 					: value;
 		sources.set(property, [deep, name]);
 		body.push(b.let(name, b.call(call, value)));