diff --git a/packages/svelte/src/internal/client/reactivity/effects.js b/packages/svelte/src/internal/client/reactivity/effects.js
index 6d2b5c465..999f0cc30 100644
--- a/packages/svelte/src/internal/client/reactivity/effects.js
+++ b/packages/svelte/src/internal/client/reactivity/effects.js
@@ -3,7 +3,6 @@ import {
 	current_component_context,
 	current_effect,
 	current_reaction,
-	current_untracking,
 	destroy_effect_children,
 	dev_current_component_function,
 	execute_effect,
@@ -12,10 +11,10 @@ import {
 	is_flushing_effect,
 	remove_reactions,
 	schedule_effect,
+	set_current_reaction,
 	set_is_destroying_effect,
 	set_is_flushing_effect,
 	set_signal_status,
-	set_untracking,
 	untrack
 } from '../runtime.js';
 import {
@@ -47,6 +46,10 @@ export function validate_effect(rune) {
 		e.effect_orphan(rune);
 	}
 
+	if (current_reaction !== null && (current_reaction.f & UNOWNED) !== 0) {
+		e.effect_in_unowned_derived();
+	}
+
 	if (is_destroying_effect) {
 		e.effect_in_teardown(rune);
 	}
@@ -119,20 +122,15 @@ function create_effect(type, fn, sync) {
 		effect.dom === null &&
 		effect.teardown === null;
 
-	if (!inert && current_reaction !== null && !is_root) {
-		var flags = current_reaction.f;
-		if ((flags & DERIVED) !== 0) {
-			if ((flags & UNOWNED) !== 0) {
-				e.effect_in_unowned_derived();
-			}
-			// If we are inside a derived, then we also need to attach the
-			// effect to the parent effect too.
-			if (current_effect !== null) {
-				push_effect(effect, current_effect);
-			}
+	if (!inert && !is_root) {
+		if (current_effect !== null) {
+			push_effect(effect, current_effect);
 		}
 
-		push_effect(effect, current_reaction);
+		// if we're in a derived, add the effect there too
+		if (current_reaction !== null && (current_reaction.f & DERIVED) !== 0) {
+			push_effect(effect, current_reaction);
+		}
 	}
 
 	return effect;
@@ -143,18 +141,11 @@ function create_effect(type, fn, sync) {
  * @returns {boolean}
  */
 export function effect_tracking() {
-	if (current_untracking) {
+	if (current_reaction === null) {
 		return false;
 	}
-	if (current_reaction && (current_reaction.f & DERIVED) !== 0) {
-		return (current_reaction.f & UNOWNED) === 0;
-	}
-
-	if (current_effect) {
-		return (current_effect.f & (BRANCH_EFFECT | ROOT_EFFECT)) === 0;
-	}
 
-	return false;
+	return (current_reaction.f & UNOWNED) === 0;
 }
 
 /**
@@ -320,14 +311,14 @@ export function execute_effect_teardown(effect) {
 	var teardown = effect.teardown;
 	if (teardown !== null) {
 		const previously_destroying_effect = is_destroying_effect;
-		const previous_untracking = current_untracking;
+		const previous_reaction = current_reaction;
 		set_is_destroying_effect(true);
-		set_untracking(true);
+		set_current_reaction(null);
 		try {
 			teardown.call(null);
 		} finally {
 			set_is_destroying_effect(previously_destroying_effect);
-			set_untracking(previous_untracking);
+			set_current_reaction(previous_reaction);
 		}
 	}
 }
diff --git a/packages/svelte/src/internal/client/reactivity/sources.js b/packages/svelte/src/internal/client/reactivity/sources.js
index f366ae5fe..c22915cee 100644
--- a/packages/svelte/src/internal/client/reactivity/sources.js
+++ b/packages/svelte/src/internal/client/reactivity/sources.js
@@ -5,7 +5,6 @@ import {
 	current_dependencies,
 	current_effect,
 	current_untracked_writes,
-	current_untracking,
 	get,
 	is_batching_effect,
 	is_runes,
@@ -87,7 +86,6 @@ export function set(signal, value) {
 	var initialized = signal.v !== UNINITIALIZED;
 
 	if (
-		!current_untracking &&
 		initialized &&
 		current_reaction !== null &&
 		is_runes() &&
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 6e9b00dfd..40ad60b51 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -63,11 +63,6 @@ export function set_is_destroying_effect(value) {
 	is_destroying_effect = value;
 }
 
-/** @param {boolean} value */
-export function set_untracking(value) {
-	current_untracking = value;
-}
-
 // Used for $inspect
 export let is_batching_effect = false;
 let is_inspecting_signal = false;
@@ -119,10 +114,7 @@ export function set_last_inspected_signal(signal) {
 	last_inspected_signal = signal;
 }
 
-/** If `true`, `get`ting the signal should not register it as a dependency */
-export let current_untracking = false;
-
-/** @type {number} */
+/** @type {number} Used by sources and deriveds for handling updates to unowned deriveds */
 let current_version = 0;
 
 // If we are working with a get() chain that has no active container,
@@ -351,14 +343,12 @@ export function execute_reaction_fn(signal) {
 	const previous_untracked_writes = current_untracked_writes;
 	const previous_reaction = current_reaction;
 	const previous_skip_reaction = current_skip_reaction;
-	const previous_untracking = current_untracking;
 
 	current_dependencies = /** @type {null | import('#client').Value[]} */ (null);
 	current_dependencies_index = 0;
 	current_untracked_writes = null;
-	current_reaction = signal;
+	current_reaction = (signal.f & (BRANCH_EFFECT | ROOT_EFFECT)) === 0 ? signal : null;
 	current_skip_reaction = !is_flushing_effect && (signal.f & UNOWNED) !== 0;
-	current_untracking = false;
 
 	try {
 		let res = /** @type {Function} */ (0, signal.fn)();
@@ -429,7 +419,6 @@ export function execute_reaction_fn(signal) {
 		current_untracked_writes = previous_untracked_writes;
 		current_reaction = previous_reaction;
 		current_skip_reaction = previous_skip_reaction;
-		current_untracking = previous_untracking;
 	}
 }
 
@@ -820,11 +809,7 @@ export function get(signal) {
 	}
 
 	// Register the dependency on the current reaction signal.
-	if (
-		current_reaction !== null &&
-		(current_reaction.f & (BRANCH_EFFECT | ROOT_EFFECT)) === 0 &&
-		!current_untracking
-	) {
+	if (current_reaction !== null) {
 		const unowned = (current_reaction.f & UNOWNED) !== 0;
 		const dependencies = current_reaction.deps;
 		if (
@@ -967,12 +952,12 @@ export function mark_reactions(signal, to_status, force_schedule) {
  * @returns {T}
  */
 export function untrack(fn) {
-	const previous_untracking = current_untracking;
+	const previous_reaction = current_reaction;
 	try {
-		current_untracking = true;
+		current_reaction = null;
 		return fn();
 	} finally {
-		current_untracking = previous_untracking;
+		current_reaction = previous_reaction;
 	}
 }