diff --git a/packages/svelte/src/internal/client/dom/elements/transitions.js b/packages/svelte/src/internal/client/dom/elements/transitions.js
index 00fad9ffdb58..d1d034d402d3 100644
--- a/packages/svelte/src/internal/client/dom/elements/transitions.js
+++ b/packages/svelte/src/internal/client/dom/elements/transitions.js
@@ -1,13 +1,7 @@
 /** @import { AnimateFn, Animation, AnimationConfig, EachItem, Effect, TransitionFn, TransitionManager } from '#client' */
 import { noop, is_function } from '../../../shared/utils.js';
 import { effect } from '../../reactivity/effects.js';
-import {
-	active_effect,
-	active_reaction,
-	set_active_effect,
-	set_active_reaction,
-	untrack
-} from '../../runtime.js';
+import { active_effect, untrack } from '../../runtime.js';
 import { loop } from '../../loop.js';
 import { should_intro } from '../../render.js';
 import { current_each_item } from '../blocks/each.js';
diff --git a/packages/svelte/src/internal/client/runtime.js b/packages/svelte/src/internal/client/runtime.js
index 76531d33207e..9800fc477300 100644
--- a/packages/svelte/src/internal/client/runtime.js
+++ b/packages/svelte/src/internal/client/runtime.js
@@ -148,24 +148,33 @@ export function increment_write_version() {
 /**
  * Determines whether a derived or effect is dirty.
  * If it is MAYBE_DIRTY, will set the status to CLEAN
+ *
+ * By default is_dirty executes deriveds and marks them as clean if not unowned etc.
+ * But when multiple batches are active, batch_values may contain a value for a derived.
+ * In this case we don't want to execute the derived (or its dependencies), but still
+ * traverse the graph in order to reconnect unowned deriveds to their dependencies.
  * @param {Reaction} reaction
+ * @param {boolean} [run_deriveds]
  * @returns {boolean}
  */
-export function is_dirty(reaction) {
+export function is_dirty(reaction, run_deriveds = true) {
 	var flags = reaction.f;
+	var dirty = (flags & DIRTY) !== 0;
 
-	if ((flags & DIRTY) !== 0) {
+	if (dirty && run_deriveds) {
 		return true;
 	}
 
-	if ((flags & MAYBE_DIRTY) !== 0) {
+	// We don't need this above the DIRTY check because if it's dirty
+	// the related derived update logic which is then called will also reset the flag
+	if ((flags & DERIVED) !== 0) {
+		reaction.f &= ~WAS_MARKED;
+	}
+
+	if ((flags & MAYBE_DIRTY) !== 0 || dirty) {
 		var dependencies = reaction.deps;
 		var is_unowned = (flags & UNOWNED) !== 0;
 
-		if (flags & DERIVED) {
-			reaction.f &= ~WAS_MARKED;
-		}
-
 		if (dependencies !== null) {
 			var i;
 			var dependency;
@@ -208,7 +217,7 @@ export function is_dirty(reaction) {
 			for (i = 0; i < length; i++) {
 				dependency = dependencies[i];
 
-				if (is_dirty(/** @type {Derived} */ (dependency))) {
+				if (is_dirty(/** @type {Derived} */ (dependency), run_deriveds) && run_deriveds) {
 					update_derived(/** @type {Derived} */ (dependency));
 				}
 
@@ -220,7 +229,7 @@ export function is_dirty(reaction) {
 
 		// Unowned signals should never be marked as clean unless they
 		// are used within an active_effect without skip_reaction
-		if (!is_unowned || (active_effect !== null && !skip_reaction)) {
+		if ((!is_unowned || (active_effect !== null && !skip_reaction)) && run_deriveds) {
 			set_signal_status(reaction, CLEAN);
 		}
 	}
@@ -678,16 +687,17 @@ export function get(signal) {
 		derived = /** @type {Derived} */ (signal);
 
 		if (batch_values?.has(derived)) {
+			is_dirty(derived, false);
 			return batch_values.get(derived);
 		}
 
 		if (is_dirty(derived)) {
 			update_derived(derived);
 		}
-	}
-
-	if (batch_values?.has(signal)) {
-		return batch_values.get(signal);
+	} else {
+		if (batch_values?.has(signal)) {
+			return batch_values.get(signal);
+		}
 	}
 
 	if ((signal.f & ERROR_VALUE) !== 0) {
diff --git a/packages/svelte/tests/runtime-runes/samples/async-derived-unowned/Component.svelte b/packages/svelte/tests/runtime-runes/samples/async-derived-unowned/Component.svelte
new file mode 100644
index 000000000000..36ad0dfaea28
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-derived-unowned/Component.svelte
@@ -0,0 +1,6 @@
+<script>
+	let { double } = $props();
+	double; // forces derived into UNOWNED mode
+</script>
+
+<p>{double}</p>
diff --git a/packages/svelte/tests/runtime-runes/samples/async-derived-unowned/_config.js b/packages/svelte/tests/runtime-runes/samples/async-derived-unowned/_config.js
new file mode 100644
index 000000000000..fc0135623d7a
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-derived-unowned/_config.js
@@ -0,0 +1,30 @@
+import { tick } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target }) {
+		const button = target.querySelector('button');
+
+		button?.click();
+		await tick();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>1</button>
+				<p>2</p>
+			`
+		);
+
+		button?.click();
+		await tick();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`
+				<button>2</button>
+				<p>4</p>
+			`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/async-derived-unowned/main.svelte b/packages/svelte/tests/runtime-runes/samples/async-derived-unowned/main.svelte
new file mode 100644
index 000000000000..bd82e35a3bc3
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/async-derived-unowned/main.svelte
@@ -0,0 +1,19 @@
+<script>
+	import Component from './Component.svelte';
+	let count = $state(0);
+	const double = $derived(count * 2);
+</script>
+
+<svelte:boundary>
+	{await new Promise((r) => {
+		// long enough for the test to do all its other stuff while this is pending
+		setTimeout(r, 10);
+	})}
+	{#snippet pending()}{/snippet}
+</svelte:boundary>
+
+<button onclick={() => count += 1}>{count}</button>
+
+{#if count > 0}
+	<Component {double} />
+{/if}