diff --git a/freqtrade/persistence/key_value_store.py b/freqtrade/persistence/key_value_store.py
index 310e82b4b..6abc31889 100644
--- a/freqtrade/persistence/key_value_store.py
+++ b/freqtrade/persistence/key_value_store.py
@@ -22,6 +22,7 @@ KeyStoreKeys = Literal[
     "bot_start_time",
     "startup_time",
     "binance_migration",
+    "wallet_history_migration",
 ]
 
 
diff --git a/freqtrade/util/migrations/migrate_wallet_history.py b/freqtrade/util/migrations/migrate_wallet_history.py
index ef3596e14..3f4aa29b8 100644
--- a/freqtrade/util/migrations/migrate_wallet_history.py
+++ b/freqtrade/util/migrations/migrate_wallet_history.py
@@ -1,3 +1,5 @@
+import logging
+
 import pandas as pd
 
 from freqtrade.constants import Config
@@ -11,10 +13,22 @@ from freqtrade.persistence.wallet_history import WalletBalance
 from freqtrade.util.datetime_helpers import dt_now, dt_ts
 
 
+logger = logging.getLogger(__name__)
+
+
 def migrate_wallet_history(config: Config, exchange: Exchange):
     if not exchange.get_option("ohlcv_has_history", True):
         # we can't fill up wallet history without ohlcv history
         return
+    if KeyValueStore.get_int_value("wallet_history_migration"):
+        logger.debug("Wallet history migration already completed.")
+        return
+
+    _migrate_wallet_history(config, exchange)
+    KeyValueStore.store_value("wallet_history_migration", 1)
+
+
+def _migrate_wallet_history(config: Config, exchange: Exchange):
     trade_df = trade_list_to_dataframe(Trade.get_trades_proxy())
     if trade_df.empty:
         # no trades, nothing to do