diff --git a/src/core/quote-outcomes.mjs b/src/core/quote-outcomes.mjs
index 191d338..7ab409f 100644
--- a/src/core/quote-outcomes.mjs
+++ b/src/core/quote-outcomes.mjs
@@ -37,9 +37,7 @@ export function deriveQuoteOutcomeRecords({
     inventorySnapshots,
     activeAssetIds,
   });
-  const latestInventoryAt = inventoryDeltas.length
-    ? inventoryDeltas[inventoryDeltas.length - 1].observed_at
-    : latestSnapshotTimestamp(inventorySnapshots);
+  const latestInventoryAt = latestSnapshotTimestamp(inventorySnapshots);
   const candidatesByMovement = new Map();
   const candidatesByQuote = new Map();
 
diff --git a/test/quote-outcomes.test.mjs b/test/quote-outcomes.test.mjs
index a73c47b..73a4dab 100644
--- a/test/quote-outcomes.test.mjs
+++ b/test/quote-outcomes.test.mjs
@@ -130,6 +130,34 @@ test('submitted quote without settlement becomes not filled only after deadline
   assert.equal(outcome.attributed_inventory_delta, null);
 });
 
+test('older unrelated inventory movement does not block later no-fill expiry', () => {
+  const [outcome] = deriveQuoteOutcomeRecords({
+    submissions: [submittedResult('quote-after-old-move', '2026-04-02T18:20:00.000Z')],
+    commands: [exactOutCommand('quote-after-old-move')],
+    inventorySnapshots: [
+      inventorySnapshot('2026-04-02T18:13:00.000Z', {
+        [BTC.assetId]: '0',
+        [EURE.assetId]: '100000000000000000000',
+      }),
+      inventorySnapshot('2026-04-02T18:13:33.000Z', {
+        [BTC.assetId]: '1',
+        [EURE.assetId]: '99999999999999999999',
+      }),
+      inventorySnapshot('2026-04-02T18:22:00.000Z', {
+        [BTC.assetId]: '1',
+        [EURE.assetId]: '99999999999999999999',
+      }),
+    ],
+    btcAsset: BTC,
+    eureAsset: EURE,
+    now: '2026-04-02T18:22:00.000Z',
+  });
+
+  assert.equal(outcome.outcome_status, 'not_filled');
+  assert.equal(outcome.outcome_reason, 'deadline_elapsed_without_settlement');
+  assert.equal(outcome.payload.evidence.latest_inventory_observed_at, '2026-04-02T18:22:00.000Z');
+});
+
 test('ambiguous inventory movement is not counted as completed settlement', () => {
   const outcomes = deriveQuoteOutcomeRecords({
     submissions: [