diff --git a/CHANGELOG.md b/CHANGELOG.md
index 04b239755431..f52bfd66d076 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,11 @@
+## 3.2.5
+
+This is a patch release that:
+
+- Fixes a Dart2js issue with values updated in a loop. (issue [#54494][])
+
+[#54494]: https://github.com/dart-lang/sdk/issues/54494
+
 ## 3.2.4 - 2023-12-21
 
 This is a patch release that:
diff --git a/pkg/compiler/lib/src/ssa/value_range_analyzer.dart b/pkg/compiler/lib/src/ssa/value_range_analyzer.dart
index 1e292845627f..635fe6446393 100644
--- a/pkg/compiler/lib/src/ssa/value_range_analyzer.dart
+++ b/pkg/compiler/lib/src/ssa/value_range_analyzer.dart
@@ -530,7 +530,7 @@ class NegateValue extends Value {
       }
       return info.newSubtractValue(other, value);
     }
-    if (other is InstructionValue) {
+    if (other is VariableValue) {
       return info.newSubtractValue(other, value);
     }
     return other - value;
@@ -548,7 +548,7 @@ class NegateValue extends Value {
       }
       return info.newSubtractValue(this, other);
     }
-    if (other is InstructionValue) {
+    if (other is VariableValue) {
       return info.newSubtractValue(this, other);
     }
     if (other is NegateValue) return this + other.value;
diff --git a/tests/web/regress/issue/54453_test.dart b/tests/web/regress/issue/54453_test.dart
new file mode 100644
index 000000000000..984e2732275e
--- /dev/null
+++ b/tests/web/regress/issue/54453_test.dart
@@ -0,0 +1,13 @@
+// Copyright (c) 2023, the Dart project authors.  Please see the AUTHORS file
+// for details. All rights reserved. Use of this source code is governed by a
+// BSD-style license that can be found in the LICENSE file.
+
+// Make sure binary operations are correctly handled for range-like values in
+// SSA's value range analyzer.
+
+void main() {
+  int counter = 0;
+  for (int i = 0; i < 5; i++) {
+    counter += counter;
+  }
+}