diff --git a/lightningd/chaintopology.c b/lightningd/chaintopology.c
index f0761811e..75ca87598 100644
--- a/lightningd/chaintopology.c
+++ b/lightningd/chaintopology.c
@@ -942,26 +942,29 @@ static void topo_update_spends(struct chain_topology *topo, struct block *b)
 
 static void topo_add_utxos(struct chain_topology *topo, struct block *b)
 {
-	for (size_t i = 0; i < tal_count(b->full_txs); i++) {
+	/* Coinbase and pegin UTXOs can be ignored */
+	const uint32_t skip_features = WALLY_TX_IS_COINBASE | WALLY_TX_IS_PEGIN;
+	const size_t num_txs = tal_count(b->full_txs);
+	for (size_t i = 0; i < num_txs; i++) {
 		const struct bitcoin_tx *tx = b->full_txs[i];
-		struct bitcoin_outpoint outpoint;
-
-		bitcoin_txid(tx, &outpoint.txid);
-		for (outpoint.n = 0;
-		     outpoint.n < tx->wtx->num_outputs;
-		     outpoint.n++) {
-			if (tx->wtx->outputs[outpoint.n].features
-			    & WALLY_TX_IS_COINBASE)
+		for (size_t n = 0; n < tx->wtx->num_outputs; n++) {
+			if (tx->wtx->outputs[n].features & skip_features)
 				continue;
+			if (tx->wtx->outputs[n].script_len != BITCOIN_SCRIPTPUBKEY_P2WSH_LEN)
+				continue; /* Cannot possibly be a p2wsh utxo */
 
-			const u8 *script = bitcoin_tx_output_get_script(tmpctx, tx, outpoint.n);
-			struct amount_asset amt = bitcoin_tx_output_get_amount(tx, outpoint.n);
+			struct amount_asset amt = bitcoin_tx_output_get_amount(tx, n);
+			if (!amount_asset_is_main(&amt))
+				continue; /* Ignore non-policy asset outputs */
 
-			if (amount_asset_is_main(&amt) && is_p2wsh(script, NULL)) {
-				wallet_utxoset_add(topo->ld->wallet, &outpoint,
-						   b->height, i, script,
-						   amount_asset_to_sat(&amt));
-			}
+			const u8 *script = bitcoin_tx_output_get_script(tmpctx, tx, n);
+			if (!is_p2wsh(script, NULL))
+				continue; /* We only care about p2wsh utxos */
+
+			struct bitcoin_outpoint outpoint = { b->txids[i], n };
+			wallet_utxoset_add(topo->ld->wallet, &outpoint,
+					   b->height, i, script,
+					   amount_asset_to_sat(&amt));
 		}
 	}
 }