As I mentioned before, the differences in price changes may not necessarily be driven by selling or buying by investors from the discussed time zones. They could also be caused by market makers or whales using market conditions specific to one of the time periods to their advantage.
One important factor here might be the trading volume. Theoretically, during lower trading volume hours, it should be easier for whales to influence the price.
To see whether there is a difference between US, Asia and European trading hours, I have aggregated trade volume data for the last thirty days split up according to the time frames used by Glassnode mentioned earlier using data by bitcoinity
(big shoutout to Jannik
who pointed me in the direction of that data source).
The summary statistics are shown in Table 1, and the development over the last 30-days is shown in Graph 3.
The summary statistics show that EU trading volume is very similar to that of the US. Other than EU trading volume, the mean trading volume for Asia hours over the observation period is substantially lower than that during US trading hours.