diff --git a/packages/devtools/src/__tests__/serialize.test.ts b/packages/devtools/src/__tests__/serialize.test.ts
index bb5b1bea..1a85ee1a 100644
--- a/packages/devtools/src/__tests__/serialize.test.ts
+++ b/packages/devtools/src/__tests__/serialize.test.ts
@@ -28,6 +28,14 @@ describe('serialize', () => {
     expect(serialize('abcdef', { text: 3 })).toBe('abc…');
   });
 
+  it('keeps a real "…" key when the key limit adds its marker', () => {
+    expect(serialize({ '…': 'real', b: 2, c: 3 }, { keys: 2 })).toEqual({
+      '…': 'real',
+      b: 2,
+      '… (2)': '1 more',
+    });
+  });
+
   it('marks text cut by the redaction window when the text limit is larger', () => {
     const out = serialize('a'.repeat(70000), { text: 100000 }) as string;
     expect(out).toBe(`${'a'.repeat(65536)}…`);
diff --git a/packages/devtools/src/serialize.ts b/packages/devtools/src/serialize.ts
index a4c9caa5..b848393b 100644
--- a/packages/devtools/src/serialize.ts
+++ b/packages/devtools/src/serialize.ts
@@ -145,7 +145,8 @@ export function serialize(value: unknown, limits: SerializeLimits = {}): unknown
         }
         setKey(out, safeKey(key, out), walkNamed(key, item, level + 1));
       }
-      if (keys.length > maxKeys) out['…'] = `${keys.length - maxKeys} more`;
+      // Through safeKey, so the marker never replaces a real `…` key.
+      if (keys.length > maxKeys) setKey(out, safeKey('…', out), `${keys.length - maxKeys} more`);
       return out;
     } finally {
       path.delete(v);