diff --git a/.changeset/rare-donkeys-repair.md b/.changeset/rare-donkeys-repair.md
new file mode 100644
index 0000000000..bd22c564db
--- /dev/null
+++ b/.changeset/rare-donkeys-repair.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: prevent false-positive reactivity loss warning
diff --git a/packages/svelte/src/internal/client/reactivity/async.js b/packages/svelte/src/internal/client/reactivity/async.js
index 32d33d6f7a..13b6e42b3e 100644
--- a/packages/svelte/src/internal/client/reactivity/async.js
+++ b/packages/svelte/src/internal/client/reactivity/async.js
@@ -181,10 +181,10 @@ export async function save(promise) {
  * @returns {Promise<() => T>}
  */
 export async function track_reactivity_loss(promise) {
-	var previous_async_effect = reactivity_loss_tracker;
+	var previous_reactivity_loss_tracker = reactivity_loss_tracker;
 	// Ensure that unrelated reads after an async operation is kicked off don't cause false positives
 	queueMicrotask(() => {
-		if (reactivity_loss_tracker === previous_async_effect) {
+		if (reactivity_loss_tracker === previous_reactivity_loss_tracker) {
 			set_reactivity_loss_tracker(null);
 		}
 	});
@@ -192,12 +192,12 @@ export async function track_reactivity_loss(promise) {
 	var value = await promise;
 
 	return () => {
-		set_reactivity_loss_tracker(previous_async_effect);
+		set_reactivity_loss_tracker(previous_reactivity_loss_tracker);
 		// While this can result in false negatives it also guards against the more important
 		// false positives that would occur if this is the last in a chain of async operations,
 		// and the reactivity_loss_tracker would then stay around until the next async operation happens.
 		queueMicrotask(() => {
-			if (reactivity_loss_tracker === previous_async_effect) {
+			if (reactivity_loss_tracker === previous_reactivity_loss_tracker) {
 				set_reactivity_loss_tracker(null);
 			}
 		});
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 8d70eee43c..227203523e 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -51,6 +51,7 @@ import {
 	batch_values,
 	current_batch,
 	flushSync,
+	previous_batch,
 	schedule_effect
 } from './reactivity/batch.js';
 import { handle_error } from './error-handling.js';
@@ -581,6 +582,11 @@ export function get(signal) {
 		if (
 			!untracking &&
 			reactivity_loss_tracker &&
+			// By checking that current/previous batch are null we filter out false positives.
+			// reactivity_loss_tracker is only reset after a microtask, so if a flush happens
+			// before that, we get warnings for things we shouldn't warn on.
+			current_batch === null &&
+			previous_batch === null &&
 			!reactivity_loss_tracker.warned &&
 			(reactivity_loss_tracker.effect.f & REACTION_IS_UPDATING) === 0 &&
 			!reactivity_loss_tracker.effect_deps.has(signal)
diff --git a/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss-no-false-positive-4/_config.js b/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss-no-false-positive-4/_config.js
new file mode 100644
index 0000000000..4bd8adc9c5
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss-no-false-positive-4/_config.js
@@ -0,0 +1,15 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	compileOptions: { dev: true },
+	async test({ assert, target, warnings }) {
+		await tick();
+		const [increment] = target.querySelectorAll('button');
+
+		increment.click();
+		await new Promise((resolve) => setTimeout(resolve, 10));
+		assert.htmlEqual(target.innerHTML, '<button>increment</button> 1 1');
+		assert.deepEqual(warnings, []);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss-no-false-positive-4/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss-no-false-positive-4/main.svelte
new file mode 100644
index 0000000000..d47d99e652
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-reactivity-loss-no-false-positive-4/main.svelte
@@ -0,0 +1,16 @@
+<script>
+	let x = $state(0);
+	let y = $state(0);
+</script>
+
+<button
+	onclick={() => {
+		x++;
+		queueMicrotask(() => queueMicrotask(() => y++));
+	}}
+>
+	increment
+</button>
+
+{await x}
+{y}