diff --git a/src/index.rs b/src/index.rs
index 173bbcb5e1..6451f4a3c2 100644
--- a/src/index.rs
+++ b/src/index.rs
@@ -156,6 +156,7 @@ pub(crate) struct Index {
   genesis_block_coinbase_transaction: Transaction,
   genesis_block_coinbase_txid: Txid,
   height_limit: Option<u64>,
+  index_transfers: bool,
   no_progress_bar: bool,
   options: Options,
   unrecoverably_reorged: AtomicBool,
@@ -274,6 +275,7 @@ impl Index {
       first_inscription_height: options.first_inscription_height(),
       genesis_block_coinbase_transaction,
       height_limit: options.height_limit,
+      index_transfers: options.index_transfers,
       no_progress_bar: options.no_progress_bar,
       options: options.clone(),
       unrecoverably_reorged: AtomicBool::new(false),
diff --git a/src/index/updater.rs b/src/index/updater.rs
index a634d1ef96..0194548fd0 100644
--- a/src/index/updater.rs
+++ b/src/index/updater.rs
@@ -380,7 +380,11 @@ impl<'index> Updater<'_> {
     }
 
     let mut height_to_block_hash = wtx.open_table(HEIGHT_TO_BLOCK_HASH)?;
-    let mut height_to_inscription_id = wtx.open_multimap_table(HEIGHT_TO_INSCRIPTION_ID)?;
+    let mut height_to_inscription_id = if index.index_transfers {
+      Some(wtx.open_multimap_table(HEIGHT_TO_INSCRIPTION_ID)?)
+    } else {
+      None
+    };
     let mut inscription_id_to_inscription_entry =
       wtx.open_table(INSCRIPTION_ID_TO_INSCRIPTION_ENTRY)?;
     let mut inscription_id_to_satpoint = wtx.open_table(INSCRIPTION_ID_TO_SATPOINT)?;
diff --git a/src/index/updater/inscription_updater.rs b/src/index/updater/inscription_updater.rs
index 5ef53fed5f..170528e0c6 100644
--- a/src/index/updater/inscription_updater.rs
+++ b/src/index/updater/inscription_updater.rs
@@ -22,7 +22,7 @@ enum Origin {
 pub(super) struct InscriptionUpdater<'a, 'db, 'tx> {
   flotsam: Vec<Flotsam>,
   height: u64,
-  height_to_inscription_id: &'a mut MultimapTable<'db, 'tx, u64, &'static InscriptionIdValue>,
+  height_to_inscription_id: &'a mut Option<MultimapTable<'db, 'tx, u64, &'static InscriptionIdValue>>,
   id_to_satpoint: &'a mut Table<'db, 'tx, &'static InscriptionIdValue, &'static SatPointValue>,
   value_receiver: &'a mut Receiver<u64>,
   id_to_entry: &'a mut Table<'db, 'tx, &'static InscriptionIdValue, InscriptionEntryValue>,
@@ -44,7 +44,7 @@ pub(super) struct InscriptionUpdater<'a, 'db, 'tx> {
 impl<'a, 'db, 'tx> InscriptionUpdater<'a, 'db, 'tx> {
   pub(super) fn new(
     height: u64,
-    height_to_inscription_id: &'a mut MultimapTable<'db, 'tx, u64, &'static InscriptionIdValue>,
+    height_to_inscription_id: &'a mut Option<MultimapTable<'db, 'tx, u64, &'static InscriptionIdValue>>,
     id_to_satpoint: &'a mut Table<'db, 'tx, &'static InscriptionIdValue, &'static SatPointValue>,
     value_receiver: &'a mut Receiver<u64>,
     id_to_entry: &'a mut Table<'db, 'tx, &'static InscriptionIdValue, InscriptionEntryValue>,
@@ -377,9 +377,9 @@ impl<'a, 'db, 'tx> InscriptionUpdater<'a, 'db, 'tx> {
           old_satpoint,
           new_satpoint
         );
-        self
-          .height_to_inscription_id
-          .insert(&self.height, &inscription_id)?;
+        if let Some(height_to_inscription_id) = &mut self.height_to_inscription_id {
+          height_to_inscription_id.insert(&self.height, &inscription_id)?;
+        }
         self.satpoint_to_id.remove_all(&old_satpoint.store())?;
 
         false
diff --git a/src/options.rs b/src/options.rs
index a940e90bb9..a653e3f89e 100644
--- a/src/options.rs
+++ b/src/options.rs
@@ -50,6 +50,8 @@ pub(crate) struct Options {
   pub(crate) index: Option<PathBuf>,
   #[clap(long, help = "Track location of all satoshis.")]
   pub(crate) index_sats: bool,
+  #[clap(long, help = "Track transfers of inscriptions.")]
+  pub(crate) index_transfers: bool,
   #[clap(
     long,
     help = "Track location of all satoshis and the utxos that own them. Implies --index-sats."