diff --git a/ui/components/app/assets/asset-list/asset-list.tsx b/ui/components/app/assets/asset-list/asset-list.tsx
index 6a82295cb2f3..3cd06ec4686b 100644
--- a/ui/components/app/assets/asset-list/asset-list.tsx
+++ b/ui/components/app/assets/asset-list/asset-list.tsx
@@ -7,10 +7,9 @@ import {
   getAllDetectedTokensForSelectedAddress,
   getDetectedTokensInCurrentNetwork,
   getIstokenDetectionInactiveOnNonMainnetSupportedNetwork,
+  getIsTokenNetworkFilterEqualCurrentNetwork,
   getSelectedAccount,
-  getTokenNetworkFilter,
 } from '../../../../selectors';
-import { getNetworkConfigurationsByChainId } from '../../../../../shared/modules/selectors/networks';
 import {
   getMultichainIsEvm,
   getMultichainSelectedAccountCachedBalance,
@@ -79,16 +78,9 @@ const AssetList = ({ onClickAsset, showTokensLinks }: AssetListProps) => {
     getIstokenDetectionInactiveOnNonMainnetSupportedNetwork,
   );
 
-  const allNetworks = useSelector(getNetworkConfigurationsByChainId);
-  const tokenNetworkFilter = useSelector(getTokenNetworkFilter);
-  const allOpts: Record<string, boolean> = {};
-  Object.keys(allNetworks || {}).forEach((chainId) => {
-    allOpts[chainId] = true;
-  });
-
-  const allNetworksFilterShown =
-    Object.keys(tokenNetworkFilter).length !==
-    Object.keys(allOpts || {}).length;
+  const isTokenNetworkFilterEqualCurrentNetwork = useSelector(
+    getIsTokenNetworkFilterEqualCurrentNetwork,
+  );
 
   const [showFundingMethodModal, setShowFundingMethodModal] = useState(false);
   const [showReceiveModal, setShowReceiveModal] = useState(false);
@@ -118,7 +110,7 @@ const AssetList = ({ onClickAsset, showTokensLinks }: AssetListProps) => {
 
   const totalTokens =
     process.env.PORTFOLIO_VIEW &&
-    !allNetworksFilterShown &&
+    !isTokenNetworkFilterEqualCurrentNetwork &&
     detectedTokensMultichain
       ? (Object.values(detectedTokensMultichain).reduce(
           // @ts-expect-error TS18046: 'tokenArray' is of type 'unknown'
diff --git a/ui/components/app/assets/asset-list/network-filter/network-filter.tsx b/ui/components/app/assets/asset-list/network-filter/network-filter.tsx
index 4f75dcc7381a..2c50824702b1 100644
--- a/ui/components/app/assets/asset-list/network-filter/network-filter.tsx
+++ b/ui/components/app/assets/asset-list/network-filter/network-filter.tsx
@@ -7,6 +7,7 @@ import {
   getSelectedAccount,
   getAllChainsToPoll,
   getTokenNetworkFilter,
+  getIsTokenNetworkFilterEqualCurrentNetwork,
 } from '../../../../../selectors';
 import {
   getCurrentChainId,
@@ -49,6 +50,10 @@ const NetworkFilter = ({ handleClose }: SortControlProps) => {
   const allNetworks = useSelector(getNetworkConfigurationsByChainId);
   const [chainsToShow, setChainsToShow] = useState<string[]>([]);
   const tokenNetworkFilter = useSelector(getTokenNetworkFilter);
+  const isTokenNetworkFilterEqualCurrentNetwork = useSelector(
+    getIsTokenNetworkFilterEqualCurrentNetwork,
+  );
+
   const shouldHideZeroBalanceTokens = useSelector(
     getShouldHideZeroBalanceTokens,
   );
@@ -101,10 +106,7 @@ const NetworkFilter = ({ handleClose }: SortControlProps) => {
   return (
     <>
       <SelectableListItem
-        isSelected={
-          Object.keys(tokenNetworkFilter).length ===
-          Object.keys(allNetworks || {}).length
-        }
+        isSelected={!isTokenNetworkFilterEqualCurrentNetwork}
         onClick={() => handleFilter(allOpts)}
         testId="network-filter-all"
       >
diff --git a/ui/components/app/detected-token/detected-token-selection-popover/detected-token-selection-popover.js b/ui/components/app/detected-token/detected-token-selection-popover/detected-token-selection-popover.js
index ae5e1048037f..570e52fb055b 100644
--- a/ui/components/app/detected-token/detected-token-selection-popover/detected-token-selection-popover.js
+++ b/ui/components/app/detected-token/detected-token-selection-popover/detected-token-selection-popover.js
@@ -9,15 +9,12 @@ import {
   MetaMetricsEventName,
   MetaMetricsTokenEventSource,
 } from '../../../../../shared/constants/metametrics';
-import {
-  getCurrentChainId,
-  getNetworkConfigurationsByChainId,
-} from '../../../../../shared/modules/selectors/networks';
+import { getCurrentChainId } from '../../../../../shared/modules/selectors/networks';
 import {
   getAllDetectedTokensForSelectedAddress,
   getCurrentNetwork,
   getDetectedTokensInCurrentNetwork,
-  getTokenNetworkFilter,
+  getIsTokenNetworkFilterEqualCurrentNetwork,
 } from '../../../../selectors';
 
 import Popover from '../../../ui/popover';
@@ -40,16 +37,9 @@ const DetectedTokenSelectionPopover = ({
   const chainId = useSelector(getCurrentChainId);
 
   const detectedTokens = useSelector(getDetectedTokensInCurrentNetwork);
-  const allNetworks = useSelector(getNetworkConfigurationsByChainId);
-  const tokenNetworkFilter = useSelector(getTokenNetworkFilter);
-  const allOpts = {};
-  Object.keys(allNetworks || {}).forEach((networkId) => {
-    allOpts[networkId] = true;
-  });
-
-  const allNetworksFilterShown =
-    Object.keys(tokenNetworkFilter).length !==
-    Object.keys(allOpts || {}).length;
+  const isTokenNetworkFilterEqualCurrentNetwork = useSelector(
+    getIsTokenNetworkFilterEqualCurrentNetwork,
+  );
 
   const currentNetwork = useSelector(getCurrentNetwork);
 
@@ -58,13 +48,18 @@ const DetectedTokenSelectionPopover = ({
   );
 
   const totalTokens = useMemo(() => {
-    return process.env.PORTFOLIO_VIEW && !allNetworksFilterShown
+    return process.env.PORTFOLIO_VIEW &&
+      !isTokenNetworkFilterEqualCurrentNetwork
       ? Object.values(detectedTokensMultichain).reduce(
           (count, tokenArray) => count + tokenArray.length,
           0,
         )
       : detectedTokens.length;
-  }, [detectedTokensMultichain, detectedTokens, allNetworksFilterShown]);
+  }, [
+    detectedTokensMultichain,
+    detectedTokens,
+    isTokenNetworkFilterEqualCurrentNetwork,
+  ]);
 
   const { selected: selectedTokens = [] } =
     sortingBasedOnTokenSelection(tokensListDetected);
@@ -124,7 +119,8 @@ const DetectedTokenSelectionPopover = ({
       onClose={onClose}
       footer={footer}
     >
-      {process.env.PORTFOLIO_VIEW && !allNetworksFilterShown ? (
+      {process.env.PORTFOLIO_VIEW &&
+      !isTokenNetworkFilterEqualCurrentNetwork ? (
         <Box margin={3}>
           {Object.entries(detectedTokensMultichain).map(
             ([networkId, tokens]) => {
diff --git a/ui/components/app/detected-token/detected-token.js b/ui/components/app/detected-token/detected-token.js
index b28eb8f51ff8..3e4d586ce77c 100644
--- a/ui/components/app/detected-token/detected-token.js
+++ b/ui/components/app/detected-token/detected-token.js
@@ -16,7 +16,7 @@ import {
 import {
   getAllDetectedTokensForSelectedAddress,
   getDetectedTokensInCurrentNetwork,
-  getTokenNetworkFilter,
+  getIsTokenNetworkFilterEqualCurrentNetwork,
 } from '../../../selectors';
 import { MetaMetricsContext } from '../../../contexts/metametrics';
 
@@ -63,27 +63,30 @@ const DetectedToken = ({ setShowDetectedTokens }) => {
   );
   const currentChainId = useSelector(getCurrentChainId);
   const allNetworks = useSelector(getNetworkConfigurationsByChainId);
-  const tokenNetworkFilter = useSelector(getTokenNetworkFilter);
-  const allOpts = {};
-  Object.keys(allNetworks || {}).forEach((chainId) => {
-    allOpts[chainId] = true;
-  });
 
-  const allNetworksFilterShown =
-    Object.keys(tokenNetworkFilter).length !==
-    Object.keys(allOpts || {}).length;
+  const isTokenNetworkFilterEqualCurrentNetwork = useSelector(
+    getIsTokenNetworkFilterEqualCurrentNetwork,
+  );
 
   const totalDetectedTokens = useMemo(() => {
-    return process.env.PORTFOLIO_VIEW && !allNetworksFilterShown
+    return process.env.PORTFOLIO_VIEW &&
+      !isTokenNetworkFilterEqualCurrentNetwork
       ? Object.values(detectedTokensMultichain).flat().length
       : detectedTokens.length;
-  }, [detectedTokens, detectedTokensMultichain, allNetworksFilterShown]);
+  }, [
+    detectedTokens,
+    detectedTokensMultichain,
+    isTokenNetworkFilterEqualCurrentNetwork,
+  ]);
 
   const [tokensListDetected, setTokensListDetected] = useState({});
 
   useEffect(() => {
     const newTokensList = () => {
-      if (process.env.PORTFOLIO_VIEW && !allNetworksFilterShown) {
+      if (
+        process.env.PORTFOLIO_VIEW &&
+        !isTokenNetworkFilterEqualCurrentNetwork
+      ) {
         return Object.entries(detectedTokensMultichain).reduce(
           (acc, [chainId, tokens]) => {
             if (Array.isArray(tokens)) {
@@ -112,7 +115,7 @@ const DetectedToken = ({ setShowDetectedTokens }) => {
 
     setTokensListDetected(newTokensList());
   }, [
-    allNetworksFilterShown,
+    isTokenNetworkFilterEqualCurrentNetwork,
     detectedTokensMultichain,
     detectedTokens,
     currentChainId,
@@ -141,7 +144,10 @@ const DetectedToken = ({ setShowDetectedTokens }) => {
       });
     });
 
-    if (process.env.PORTFOLIO_VIEW && !allNetworksFilterShown) {
+    if (
+      process.env.PORTFOLIO_VIEW &&
+      !isTokenNetworkFilterEqualCurrentNetwork
+    ) {
       const tokensByChainId = selectedTokens.reduce((acc, token) => {
         const { chainId } = token;
 
@@ -197,7 +203,10 @@ const DetectedToken = ({ setShowDetectedTokens }) => {
       },
     });
 
-    if (process.env.PORTFOLIO_VIEW && !allNetworksFilterShown) {
+    if (
+      process.env.PORTFOLIO_VIEW &&
+      !isTokenNetworkFilterEqualCurrentNetwork
+    ) {
       // group deselected tokens by chainId
       const groupedByChainId = deSelectedTokens.reduce((acc, token) => {
         const { chainId } = token;
diff --git a/ui/components/multichain/detected-token-banner/detected-token-banner.js b/ui/components/multichain/detected-token-banner/detected-token-banner.js
index 2b6f7238024f..fa2ab6d62f84 100644
--- a/ui/components/multichain/detected-token-banner/detected-token-banner.js
+++ b/ui/components/multichain/detected-token-banner/detected-token-banner.js
@@ -11,7 +11,7 @@ import {
 import {
   getDetectedTokensInCurrentNetwork,
   getAllDetectedTokensForSelectedAddress,
-  getTokenNetworkFilter,
+  getIsTokenNetworkFilterEqualCurrentNetwork,
 } from '../../../selectors';
 import { MetaMetricsContext } from '../../../contexts/metametrics';
 import {
@@ -28,7 +28,10 @@ export const DetectedTokensBanner = ({
 }) => {
   const t = useI18nContext();
   const trackEvent = useContext(MetaMetricsContext);
-  const tokenNetworkFilter = useSelector(getTokenNetworkFilter);
+  const isTokenNetworkFilterEqualCurrentNetwork = useSelector(
+    getIsTokenNetworkFilterEqualCurrentNetwork,
+  );
+
   const allNetworks = useSelector(getNetworkConfigurationsByChainId);
 
   const allOpts = {};
@@ -36,10 +39,6 @@ export const DetectedTokensBanner = ({
     allOpts[chainId] = true;
   });
 
-  const allNetworksFilterShown =
-    Object.keys(tokenNetworkFilter).length !==
-    Object.keys(allOpts || {}).length;
-
   const detectedTokens = useSelector(getDetectedTokensInCurrentNetwork);
 
   const detectedTokensMultichain = useSelector(
@@ -48,14 +47,14 @@ export const DetectedTokensBanner = ({
   const chainId = useSelector(getCurrentChainId);
 
   const detectedTokensDetails =
-    process.env.PORTFOLIO_VIEW && !allNetworksFilterShown
+    process.env.PORTFOLIO_VIEW && !isTokenNetworkFilterEqualCurrentNetwork
       ? Object.values(detectedTokensMultichain)
           .flat()
           .map(({ address, symbol }) => `${symbol} - ${address}`)
       : detectedTokens.map(({ address, symbol }) => `${symbol} - ${address}`);
 
   const totalTokens =
-    process.env.PORTFOLIO_VIEW && !allNetworksFilterShown
+    process.env.PORTFOLIO_VIEW && !isTokenNetworkFilterEqualCurrentNetwork
       ? Object.values(detectedTokensMultichain).reduce(
           (count, tokenArray) => count + tokenArray.length,
           0,
diff --git a/ui/selectors/selectors.test.js b/ui/selectors/selectors.test.js
index b4b748104189..cfee47dfafe2 100644
--- a/ui/selectors/selectors.test.js
+++ b/ui/selectors/selectors.test.js
@@ -2178,4 +2178,63 @@ describe('#getConnectedSitesList', () => {
       });
     });
   });
+
+  describe('getIsTokenNetworkFilterEqualCurrentNetwork', () => {
+    beforeEach(() => {
+      process.env.PORTFOLIO_VIEW = 'true';
+    });
+
+    afterEach(() => {
+      process.env.PORTFOLIO_VIEW = undefined;
+    });
+
+    it('returns true when the token network filter is equal to the current network', () => {
+      const state = {
+        metamask: {
+          preferences: {
+            tokenNetworkFilter: {
+              '0x1': true,
+            },
+          },
+          selectedNetworkClientId: 'mainnetNetworkConfigurationId',
+          networkConfigurationsByChainId: {
+            '0x1': {
+              chainId: '0x1',
+              rpcEndpoints: [
+                { networkClientId: 'mainnetNetworkConfigurationId' },
+              ],
+            },
+          },
+        },
+      };
+      expect(selectors.getIsTokenNetworkFilterEqualCurrentNetwork(state)).toBe(
+        true,
+      );
+    });
+
+    it('returns false when the token network filter is on multiple networks', () => {
+      const state = {
+        metamask: {
+          preferences: {
+            tokenNetworkFilter: {
+              '0x1': true,
+              '0x89': true,
+            },
+          },
+          selectedNetworkClientId: 'mainnetNetworkConfigurationId',
+          networkConfigurationsByChainId: {
+            '0x1': {
+              chainId: '0x1',
+              rpcEndpoints: [
+                { networkClientId: 'mainnetNetworkConfigurationId' },
+              ],
+            },
+          },
+        },
+      };
+      expect(selectors.getIsTokenNetworkFilterEqualCurrentNetwork(state)).toBe(
+        false,
+      );
+    });
+  });
 });