diff --git a/.changeset/memo-untracked-cold-key.md b/.changeset/memo-untracked-cold-key.md
new file mode 100644
index 0000000..4a4b656
--- /dev/null
+++ b/.changeset/memo-untracked-cold-key.md
@@ -0,0 +1,5 @@
+---
+"@retreejs/core": patch
+---
+
+A `@memo` or `@fnMemo` read inside `Retree.untracked` no longer subscribes the surrounding selector or effect to its key's reads. Before, a memo whose key had to re-run (on its first read, or after a key input changed) leaked those reads, so whether a selector stayed asleep depended on what had warmed the memo.
diff --git a/packages/retree-core/src/internals/dependency-tracking.ts b/packages/retree-core/src/internals/dependency-tracking.ts
index 14f7152..0e663b5 100644
--- a/packages/retree-core/src/internals/dependency-tracking.ts
+++ b/packages/retree-core/src/internals/dependency-tracking.ts
@@ -1172,6 +1172,11 @@ export function replayDependencyComparisonAccesses(
     comparisons: unknown[],
     comparisonValues?: readonly (readonly unknown[])[]
 ): void {
+    // Paused by `Retree.untracked` or a memo body: the memo's own frame
+    // tracked these reads, and the paused caller must not inherit them.
+    if (!isDependencyTrackingActive()) {
+        return;
+    }
     const currentFrame =
         dependencyAccessStack[dependencyAccessStack.length - 1];
     if (currentFrame === undefined) {
diff --git a/packages/retree-core/src/internals/memo.ts b/packages/retree-core/src/internals/memo.ts
index 5a37329..1cfd005 100644
--- a/packages/retree-core/src/internals/memo.ts
+++ b/packages/retree-core/src/internals/memo.ts
@@ -19,7 +19,6 @@ import {
     collectDependencyComparisonAccesses,
     createNodeVersionRead,
     replayDependencyComparisonAccesses,
-    isDependencyTrackingActive,
     runMemoBody,
 } from "./dependency-tracking.js";
 import { getDependencyComparisonValues } from "./dependencies.js";
@@ -172,7 +171,6 @@ function validateTrappedMemo(entry: IMemoCacheEntry): boolean {
 }
 
 function replayTrappedMemo(entry: IMemoCacheEntry): void {
-    if (!isDependencyTrackingActive()) return;
     if (entry.comparisonAccessors === undefined) return;
     replayDependencyComparisonAccesses(
         entry.comparisonAccessors,
diff --git a/packages/retree-core/src/memo.spec.ts b/packages/retree-core/src/memo.spec.ts
index 3e0b77c..26a7225 100644
--- a/packages/retree-core/src/memo.spec.ts
+++ b/packages/retree-core/src/memo.spec.ts
@@ -2366,3 +2366,47 @@ describe("reads through memos with hidden bodies", () => {
         expect(root.consumer.value).toBe("Grace");
     });
 });
+
+describe("memo reads under Retree.untracked", () => {
+    class Inner extends ReactiveNode {
+        public a: object | null = null;
+        get dependencies() {
+            return [];
+        }
+    }
+    class Outer extends ReactiveNode {
+        public inner = new Inner();
+        get dependencies() {
+            return [];
+        }
+        @memo((self: Outer) => [self.inner.a])
+        get memoized() {
+            return this.inner.a;
+        }
+    }
+    type TTrack = (run: () => void) => () => void;
+    const select: TTrack = (run) => Retree.select(run, () => {});
+    const effect: TTrack = (run) => Retree.effect(run);
+
+    it.each([
+        ["cold", "Retree.select", select],
+        ["cold", "Retree.effect", effect],
+        ["stale", "Retree.select", select],
+    ])("keeps a %s keyed memo's key reads out of %s", (state, _, track) => {
+        const root = trackRoot(Retree.root(new Outer()));
+        if (state === "stale") {
+            void root.memoized;
+            root.inner.a = {};
+        }
+        let runs = 0;
+        const stop = track(() => {
+            runs++;
+            Retree.untracked(() => root.memoized);
+        });
+
+        root.inner.a = {};
+        stop();
+
+        expect(runs).toBe(1);
+    });
+});