diff --git a/packages/core/core/src/BundleGraph.js b/packages/core/core/src/BundleGraph.js
index 537ecc0f78a..3f0de396c84 100644
--- a/packages/core/core/src/BundleGraph.js
+++ b/packages/core/core/src/BundleGraph.js
@@ -860,10 +860,12 @@ export default class BundleGraph {
   traverseAssets<TContext>(
     bundle: Bundle,
     visit: GraphVisitor<Asset, TContext>,
+    startAsset?: Asset,
   ): ?TContext {
     return this.traverseBundle(
       bundle,
       mapVisitor(node => (node.type === 'asset' ? node.value : null), visit),
+      startAsset,
     );
   }
 
@@ -1057,8 +1059,9 @@ export default class BundleGraph {
   traverseBundle<TContext>(
     bundle: Bundle,
     visit: GraphVisitor<AssetNode | DependencyNode, TContext>,
+    startAsset?: Asset,
   ): ?TContext {
-    let entries = true;
+    let entries = !startAsset;
     let bundleNodeId = this._graph.getNodeIdByContentKey(bundle.id);
 
     // A modified DFS traversal which traverses entry assets in the same order
@@ -1085,7 +1088,9 @@ export default class BundleGraph {
 
         actions.skipChildren();
       }, visit),
-      startNodeId: bundleNodeId,
+      startNodeId: startAsset
+        ? this._graph.getNodeIdByContentKey(startAsset.id)
+        : bundleNodeId,
       getChildren: nodeId => {
         let children = this._graph
           .getNodeIdsConnectedFrom(nodeId)
diff --git a/packages/core/core/src/public/Bundle.js b/packages/core/core/src/public/Bundle.js
index 3581678d33d..fb95d1a5359 100644
--- a/packages/core/core/src/public/Bundle.js
+++ b/packages/core/core/src/public/Bundle.js
@@ -186,10 +186,14 @@ export class Bundle implements IBundle {
     );
   }
 
-  traverseAssets<TContext>(visit: GraphVisitor<IAsset, TContext>): ?TContext {
+  traverseAssets<TContext>(
+    visit: GraphVisitor<IAsset, TContext>,
+    startAsset?: IAsset,
+  ): ?TContext {
     return this.#bundleGraph.traverseAssets(
       this.#bundle,
       mapVisitor(asset => assetFromValue(asset, this.#options), visit),
+      startAsset ? assetToAssetValue(startAsset) : undefined,
     );
   }
 }
diff --git a/packages/core/types/index.js b/packages/core/types/index.js
index c79df875b66..5cc58c64d1c 100644
--- a/packages/core/types/index.js
+++ b/packages/core/types/index.js
@@ -1243,7 +1243,10 @@ export interface Bundle {
   /** Returns whether the bundle includes the given dependency. */
   hasDependency(Dependency): boolean;
   /** Traverses the assets in the bundle. */
-  traverseAssets<TContext>(visit: GraphVisitor<Asset, TContext>): ?TContext;
+  traverseAssets<TContext>(
+    visit: GraphVisitor<Asset, TContext>,
+    startAsset?: Asset,
+  ): ?TContext;
   /** Traverses assets and dependencies in the bundle. */
   traverse<TContext>(
     visit: GraphVisitor<BundleTraversable, TContext>,
diff --git a/packages/packagers/js/src/ScopeHoistingPackager.js b/packages/packagers/js/src/ScopeHoistingPackager.js
index 87ed3952bd1..36cc5422e5a 100644
--- a/packages/packagers/js/src/ScopeHoistingPackager.js
+++ b/packages/packagers/js/src/ScopeHoistingPackager.js
@@ -241,7 +241,7 @@ export class ScopeHoistingPackager {
   async loadAssets(): Promise<Array<Asset>> {
     let queue = new PromiseQueue({maxConcurrent: 32});
     let wrapped = [];
-    this.bundle.traverseAssets((asset, shouldWrap) => {
+    this.bundle.traverseAssets(asset => {
       queue.add(async () => {
         let [code, map] = await Promise.all([
           asset.getCode(),
@@ -251,7 +251,6 @@ export class ScopeHoistingPackager {
       });
 
       if (
-        shouldWrap ||
         asset.meta.shouldWrap ||
         this.isAsyncBundle ||
         this.bundle.env.sourceType === 'script' ||
@@ -262,10 +261,21 @@ export class ScopeHoistingPackager {
       ) {
         this.wrappedAssets.add(asset.id);
         wrapped.push(asset);
-        return true;
       }
     });
 
+    for (let wrappedAsset of [...wrapped]) {
+      this.bundle.traverseAssets((asset, _, actions) => {
+        if (asset !== wrappedAsset && this.wrappedAssets.has(asset.id)) {
+          actions.skipChildren();
+          return;
+        }
+
+        this.wrappedAssets.add(asset.id);
+        wrapped.push(asset);
+      }, wrappedAsset);
+    }
+
     this.assetOutputs = new Map(await queue.run());
     return wrapped;
   }