diff --git a/.changeset/little-mugs-look.md b/.changeset/little-mugs-look.md
new file mode 100644
index 000000000..53de22ba0
--- /dev/null
+++ b/.changeset/little-mugs-look.md
@@ -0,0 +1,5 @@
+---
+"@ponder/core": patch
+---
+
+Fixed a bug introduced in `0.4.33` where the `--trace`, `--debug`, `-v`, and `-vv` CLI options and the `PONDER_LOG_LEVEL` env var did not correctly set the log level. (The `--log-level` option still worked).
diff --git a/packages/core/src/bin/ponder.ts b/packages/core/src/bin/ponder.ts
index 6ca23ad78..08a1829fd 100644
--- a/packages/core/src/bin/ponder.ts
+++ b/packages/core/src/bin/ponder.ts
@@ -41,8 +41,7 @@ const ponder = new Command("ponder")
   )
   .option(
     "--log-level <LEVEL>",
-    'Minimum log level ("error", "warn", "info", "debug", or "trace")',
-    "info",
+    'Minimum log level ("error", "warn", "info", "debug", or "trace", default: "info")',
   )
   .option(
     "--log-format <FORMAT>",