diff --git a/Cargo.lock b/Cargo.lock
index 17c4283671a..4c8629e1c82 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -4633,11 +4633,10 @@ dependencies = [
 
 [[package]]
 name = "tracing"
-version = "0.1.37"
+version = "0.1.39"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "8ce8c33a8d48bd45d624a6e523445fd21ec13d3653cd51f681abf67418f54eb8"
+checksum = "ee2ef2af84856a50c1d430afce2fdded0a4ec7eda868db86409b4543df0797f9"
 dependencies = [
- "cfg-if 1.0.0",
  "log",
  "pin-project-lite",
  "tracing-attributes",
@@ -4668,9 +4667,9 @@ dependencies = [
 
 [[package]]
 name = "tracing-core"
-version = "0.1.31"
+version = "0.1.32"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "0955b8137a1df6f1a2e9a37d8a6656291ff0297c1a97c24e0d8425fe2312f79a"
+checksum = "c06d3da6113f116aaee68e4d601191614c9053067f9ab7f6edbcb161237daa54"
 dependencies = [
  "once_cell",
  "valuable",
diff --git a/tower-batch-control/Cargo.toml b/tower-batch-control/Cargo.toml
index 1856241d8c5..8cf59359144 100644
--- a/tower-batch-control/Cargo.toml
+++ b/tower-batch-control/Cargo.toml
@@ -29,7 +29,7 @@ rayon = "1.7.0"
 tokio = { version = "1.33.0", features = ["time", "sync", "tracing", "macros"] }
 tokio-util = "0.7.8"
 tower = { version = "0.4.13", features = ["util", "buffer"] }
-tracing = "0.1.37"
+tracing = "0.1.39"
 tracing-futures = "0.2.5"
 
 [dev-dependencies]
diff --git a/tower-fallback/Cargo.toml b/tower-fallback/Cargo.toml
index e4c8b2a001c..e9fa523c6b9 100644
--- a/tower-fallback/Cargo.toml
+++ b/tower-fallback/Cargo.toml
@@ -19,7 +19,7 @@ categories = ["algorithms", "asynchronous"]
 pin-project = "1.1.3"
 tower = "0.4.13"
 futures-core = "0.3.28"
-tracing = "0.1.37"
+tracing = "0.1.39"
 
 [dev-dependencies]
 tokio = { version = "1.33.0", features = ["full", "tracing", "test-util"] }
diff --git a/zebra-chain/Cargo.toml b/zebra-chain/Cargo.toml
index 5d8de1c8675..10831fd3858 100644
--- a/zebra-chain/Cargo.toml
+++ b/zebra-chain/Cargo.toml
@@ -92,7 +92,7 @@ humantime = "2.1.0"
 displaydoc = "0.2.4"
 static_assertions = "1.1.0"
 thiserror = "1.0.48"
-tracing = "0.1.37"
+tracing = "0.1.39"
 
 # Serialization
 hex = { version = "0.4.3", features = ["serde"] }
@@ -138,7 +138,7 @@ color-eyre = "0.6.2"
 # Enable a feature that makes tinyvec compile much faster.
 tinyvec = { version = "1.6.0", features = ["rustc_1_55"] }
 spandoc = "0.2.2"
-tracing = "0.1.37"
+tracing = "0.1.39"
 
 # Make the optional testing dependencies required
 proptest = "1.3.1"
diff --git a/zebra-consensus/Cargo.toml b/zebra-consensus/Cargo.toml
index 4c2c167d817..dd96d7da561 100644
--- a/zebra-consensus/Cargo.toml
+++ b/zebra-consensus/Cargo.toml
@@ -55,7 +55,7 @@ metrics = "0.21.1"
 thiserror = "1.0.48"
 tokio = { version = "1.33.0", features = ["time", "sync", "tracing", "rt-multi-thread"] }
 tower = { version = "0.4.13", features = ["timeout", "util", "buffer"] }
-tracing = "0.1.37"
+tracing = "0.1.39"
 tracing-futures = "0.2.5"
 
 orchard = "0.5.0"
diff --git a/zebra-network/Cargo.toml b/zebra-network/Cargo.toml
index d1903789da1..faed08811c6 100644
--- a/zebra-network/Cargo.toml
+++ b/zebra-network/Cargo.toml
@@ -69,7 +69,7 @@ tower = { version = "0.4.13", features = ["retry", "discover", "load", "load-she
 metrics = "0.21.1"
 tracing-futures = "0.2.5"
 tracing-error = { version = "0.2.0", features = ["traced-error"] }
-tracing = "0.1.37"
+tracing = "0.1.39"
 
 # prod feature progress-bar
 howudoin = { version = "0.1.2", optional = true }
diff --git a/zebra-rpc/Cargo.toml b/zebra-rpc/Cargo.toml
index 95e48569d6f..617cb001eb2 100644
--- a/zebra-rpc/Cargo.toml
+++ b/zebra-rpc/Cargo.toml
@@ -57,7 +57,7 @@ indexmap = { version = "2.0.1", features = ["serde"] }
 tokio = { version = "1.33.0", features = ["time", "rt-multi-thread", "macros", "tracing"] }
 tower = "0.4.13"
 
-tracing = "0.1.37"
+tracing = "0.1.39"
 
 hex = { version = "0.4.3", features = ["serde"] }
 serde = { version = "1.0.188", features = ["serde_derive"] }
diff --git a/zebra-state/Cargo.toml b/zebra-state/Cargo.toml
index 95712071720..b7d6a6365be 100644
--- a/zebra-state/Cargo.toml
+++ b/zebra-state/Cargo.toml
@@ -66,7 +66,7 @@ thiserror = "1.0.48"
 rayon = "1.7.0"
 tokio = { version = "1.33.0", features = ["rt-multi-thread", "sync", "tracing"] }
 tower = { version = "0.4.13", features = ["buffer", "util"] }
-tracing = "0.1.37"
+tracing = "0.1.39"
 
 # elasticsearch specific dependencies.
 # Security: avoid default dependency on openssl
diff --git a/zebra-test/Cargo.toml b/zebra-test/Cargo.toml
index 3417e77263a..c3c7381e6ca 100644
--- a/zebra-test/Cargo.toml
+++ b/zebra-test/Cargo.toml
@@ -41,7 +41,7 @@ thiserror = "1.0.48"
 
 tracing-subscriber = { version = "0.3.17", features = ["env-filter"] }
 tracing-error = "0.2.0"
-tracing = "0.1.37"
+tracing = "0.1.39"
 
 [dev-dependencies]
 tempfile = "3.8.0"
diff --git a/zebrad/Cargo.toml b/zebrad/Cargo.toml
index ff38f3f5b23..9f450d23843 100644
--- a/zebrad/Cargo.toml
+++ b/zebrad/Cargo.toml
@@ -179,7 +179,7 @@ tracing-subscriber = { version = "0.3.17", features = ["env-filter"] }
 tracing-appender = "0.2.2"
 tracing-error = "0.2.0"
 tracing-futures = "0.2.5"
-tracing = "0.1.37"
+tracing = "0.1.39"
 
 metrics = "0.21.1"