Bitcoin (BTC) has shown resilience by defending the $79,000 mark, even as it trades at a discount on Coinbase compared to other exchanges. This discount is attributed to stablecoin outflows rather than a lack of institutional demand. Over the past week, Bitcoin on Coinbase has maintained a 0.03% discount against major exchanges like Binance and OKX, a shift from the 0.04% premium observed in April. The volatility of stablecoins affects their pricing against the dollar, contributing to the discount on Coinbase. Despite average net deposits of $58 million per day on Coinbase, this figure does not indicate significant sell pressure. Furthermore, the $1.26 billion in net outflows from US-listed Bitcoin exchange-traded funds (ETFs) since May 7 aligns with the observed discount. Although the market faces minor price discrepancies, the strength of Bitcoin above $81,000 suggests that these differences are insufficient to dictate broader price trends. As such, the likelihood of a $76,000 retest in the short term appears low.