diff --git a/crates/chain/src/indexed_tx_graph.rs b/crates/chain/src/indexed_tx_graph.rs
index c4ee32091..6d8c16ffa 100644
--- a/crates/chain/src/indexed_tx_graph.rs
+++ b/crates/chain/src/indexed_tx_graph.rs
@@ -229,12 +229,10 @@ impl<A: Anchor, I: OwnedIndexer> IndexedTxGraph<A, I> {
 
             match &txout.chain_position {
                 ObservedAs::Confirmed(_) => {
-                    if txout.is_on_coinbase {
-                        if txout.is_mature(tip_height) {
-                            confirmed += txout.txout.value;
-                        } else {
-                            immature += txout.txout.value;
-                        }
+                    if txout.is_confirmed_and_spendable(tip_height) {
+                        confirmed += txout.txout.value;
+                    } else if !txout.is_mature(tip_height) {
+                        immature += txout.txout.value;
                     }
                 }
                 ObservedAs::Unconfirmed(_) => {
diff --git a/crates/chain/src/tx_graph.rs b/crates/chain/src/tx_graph.rs
index ca6d0788a..cee688be7 100644
--- a/crates/chain/src/tx_graph.rs
+++ b/crates/chain/src/tx_graph.rs
@@ -860,7 +860,7 @@ impl<A: Anchor> TxGraph<A> {
         chain_tip: BlockId,
     ) -> impl Iterator<Item = Result<FullTxOut<ObservedAs<A>>, C::Error>> + 'a {
         self.try_list_chain_txouts(chain, chain_tip)
-            .filter(|r| !matches!(r, Ok(txo) if txo.spent_by.is_none()))
+            .filter(|r| matches!(r, Ok(txo) if txo.spent_by.is_none()))
     }
 
     /// List unspent outputs (UTXOs) that are in `chain` with `chain_tip`.