What Happened: According to the most recent filings with the U.S Securities and Exchange Commission (SEC), Bitcoin ETF applications from SkyBridge Capital and Fidelity Investments are now officially under review by the U.S regulator.

SkyBridge Capital’s Bitcoin ETF has been backed by the NYSE Arca, while Fidelity’s Wise Origin Bitcoin Trust is backed by the Chicago Board Options Exchange (NYSE:CBOE).

The two Bitcoin ETF applications join a list of four others that are already under official review –  VanEck, Kryptoin, Valkyrie, and WisdomTree.

WisdomTree has also recently filed for an exchange-traded fund based on Ethereum, in addition to its proposed Bitcoin ETF.

“The Trust’s Sponsor further believes that the ether market is maturing to a level such that it is operating with efficiency and scale similar in material respects to the maturing bitcoin market,” said WisdomTree in the filing.

Wisdom Tree Investments Inc (NASDAQ: WETF) also pointed to the growth of ether futures trading volumes on regulated exchanges within the U.S and the development of “a robust ether lending market” as factors contributing to the creation of a “dynamic, institutional-quality, two-sided market.”

The SEC is expected to announce an initial decision on the respective applications within 45 days, subject to an extension of the decision-making time frame, which can take as long as 240 days.

Price Action: At press time, Bitcoin had dropped 7.27% overnight and was trading at $36,790, while Ethereum lost 8.65% during the same time frame and traded at $2,567.