diff --git a/lightningd/chaintopology.c b/lightningd/chaintopology.c
index e163e6736..78f3a3b75 100644
--- a/lightningd/chaintopology.c
+++ b/lightningd/chaintopology.c
@@ -92,8 +92,6 @@ static void filter_block_txs(struct chain_topology *topo, struct block *b)
 						     tx, &b->height, &owned);
 			wallet_transaction_add(topo->ld->wallet, tx, b->height,
 					       i);
-			wallet_transaction_annotate(topo->ld->wallet, &txid,
-						    TX_WALLET_DEPOSIT, 0);
 		}
 
 		/* We did spends first, in case that tells us to watch tx. */
diff --git a/wallet/wallet.c b/wallet/wallet.c
index 00959e05b..6e5ac83c3 100644
--- a/wallet/wallet.c
+++ b/wallet/wallet.c
@@ -1577,6 +1577,8 @@ int wallet_extract_owned_outputs(struct wallet *w, const struct bitcoin_tx *tx,
 			      type_to_string(tmpctx, struct amount_sat, total),
 			      type_to_string(tmpctx, struct amount_sat,
 					     &utxo->amount));
+
+		wallet_annotate_txout(w, &utxo->txid, output, TX_WALLET_DEPOSIT, 0);
 		tal_free(utxo);
 		num_utxos++;
 	}