diff --git a/.changeset/tender-apples-repair.md b/.changeset/tender-apples-repair.md
new file mode 100644
index 000000000000..0e600e66241a
--- /dev/null
+++ b/.changeset/tender-apples-repair.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: put expressions in effects unless known to be static
diff --git a/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js b/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js
index 89a81127c1fa..abf70769c013 100644
--- a/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js
+++ b/packages/svelte/src/compiler/phases/2-analyze/visitors/Identifier.js
@@ -90,7 +90,10 @@ export function Identifier(node, context) {
 	if (binding) {
 		if (context.state.expression) {
 			context.state.expression.dependencies.add(binding);
-			context.state.expression.has_state ||= binding.kind !== 'normal';
+			context.state.expression.has_state ||=
+				binding.kind !== 'static' &&
+				!binding.is_function() &&
+				!context.state.scope.evaluate(node).is_known;
 		}
 
 		if (
diff --git a/packages/svelte/src/compiler/phases/scope.js b/packages/svelte/src/compiler/phases/scope.js
index b4cdb6b44673..8b4967a82baf 100644
--- a/packages/svelte/src/compiler/phases/scope.js
+++ b/packages/svelte/src/compiler/phases/scope.js
@@ -221,6 +221,8 @@ class Evaluation {
 	 * @param {Set<any>} values
 	 */
 	constructor(scope, expression, values) {
+		current_evaluations.set(expression, this);
+
 		this.values = values;
 
 		switch (expression.type) {
@@ -543,6 +545,8 @@ class Evaluation {
 		if (this.values.size > 1 || typeof this.value === 'symbol') {
 			this.is_known = false;
 		}
+
+		current_evaluations.delete(expression);
 	}
 }
 
@@ -734,10 +738,20 @@ export class Scope {
 	 * @param {Set<any>} [values]
 	 */
 	evaluate(expression, values = new Set()) {
+		const current = current_evaluations.get(expression);
+		if (current) return current;
+
 		return new Evaluation(this, expression, values);
 	}
 }
 
+/**
+ * Track which expressions are currently being evaluated — this allows
+ * us to prevent cyclical evaluations without passing the map around
+ * @type {Map<Expression | FunctionDeclaration, Evaluation>}
+ */
+const current_evaluations = new Map();
+
 /** @type {Record<BinaryOperator, (left: any, right: any) => any>} */
 const binary = {
 	'!=': (left, right) => left != right,
@@ -1139,7 +1153,7 @@ export function create_scopes(ast, root, allow_reactive_declarations, parent) {
 				const is_keyed =
 					node.key &&
 					(node.key.type !== 'Identifier' || !node.index || node.key.name !== node.index);
-				scope.declare(b.id(node.index), is_keyed ? 'template' : 'normal', 'const', node);
+				scope.declare(b.id(node.index), is_keyed ? 'template' : 'static', 'const', node);
 			}
 			if (node.key) visit(node.key, { scope });
 
diff --git a/packages/svelte/src/compiler/types/index.d.ts b/packages/svelte/src/compiler/types/index.d.ts
index 0da036242b07..fdd602472608 100644
--- a/packages/svelte/src/compiler/types/index.d.ts
+++ b/packages/svelte/src/compiler/types/index.d.ts
@@ -265,7 +265,8 @@ export type BindingKind =
 	| 'snippet' // A snippet parameter
 	| 'store_sub' // A $store value
 	| 'legacy_reactive' // A `$:` declaration
-	| 'template'; // A binding declared in the template, e.g. in an `await` block or `const` tag
+	| 'template' // A binding declared in the template, e.g. in an `await` block or `const` tag
+	| 'static'; // A binding whose value is known to be static (i.e. each index)
 
 export type DeclarationKind =
 	| 'var'
diff --git a/packages/svelte/tests/runtime-runes/samples/reactive-identifier/_config.js b/packages/svelte/tests/runtime-runes/samples/reactive-identifier/_config.js
new file mode 100644
index 000000000000..de59e8c7c7c8
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/reactive-identifier/_config.js
@@ -0,0 +1,13 @@
+import { flushSync } from '../../../../src/index-client';
+import { test } from '../../test';
+
+export default test({
+	html: `<button>0</button>`,
+
+	test({ assert, target }) {
+		const btn = target.querySelector('button');
+
+		flushSync(() => btn?.click());
+		assert.htmlEqual(target.innerHTML, `<button>1</button>`);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/reactive-identifier/main.svelte b/packages/svelte/tests/runtime-runes/samples/reactive-identifier/main.svelte
new file mode 100644
index 000000000000..aee0b15e1beb
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/reactive-identifier/main.svelte
@@ -0,0 +1,13 @@
+<script>
+	let count = $state(0);
+
+	let object = {
+		toString() {
+			return count;
+		}
+	};
+</script>
+
+<button onclick={() => count += 1}>
+	{object}
+</button>
diff --git a/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js b/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js
index 3a13fa7e15d9..28bb01fb18df 100644
--- a/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js
+++ b/packages/svelte/tests/snapshot/samples/dynamic-attributes-casing/_expected/client/main.svelte.js
@@ -9,10 +9,16 @@ export default function Main($$anchor) {
 	let y = () => 'test';
 	var fragment = root();
 	var div = $.first_child(fragment);
+
+	$.set_attribute(div, 'foobar', x);
+
 	var svg = $.sibling(div, 2);
+
+	$.set_attribute(svg, 'viewBox', x);
+
 	var custom_element = $.sibling(svg, 2);
 
-	$.template_effect(() => $.set_custom_element_data(custom_element, 'fooBar', x));
+	$.set_custom_element_data(custom_element, 'fooBar', x);
 
 	var div_1 = $.sibling(custom_element, 2);
 	var svg_1 = $.sibling(div_1, 2);
@@ -22,8 +28,6 @@ export default function Main($$anchor) {
 
 	$.template_effect(
 		($0, $1) => {
-			$.set_attribute(div, 'foobar', x);
-			$.set_attribute(svg, 'viewBox', x);
 			$.set_attribute(div_1, 'foobar', $0);
 			$.set_attribute(svg_1, 'viewBox', $1);
 		},