diff --git a/.changeset/big-readers-lie.md b/.changeset/big-readers-lie.md
new file mode 100644
index 0000000000..9f5dd166c1
--- /dev/null
+++ b/.changeset/big-readers-lie.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: don't log `await_reactivity_loss` warning when signal is read in `untrack`
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 9fdb87239b..8fd159107f 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -606,7 +606,7 @@ export function get(signal) {
 
 	if (DEV) {
 		if (current_async_effect) {
-			var tracking = (current_async_effect.f & REACTION_IS_UPDATING) !== 0;
+			var tracking = (current_async_effect.f & REACTION_IS_UPDATING) !== 0 && !untracking;
 			var was_read = current_async_effect.deps?.includes(signal);
 
 			if (!tracking && !was_read) {