New paph owner! Yellow leaf. Does it look ok?

[garnet16]

Hello everyone.

Picked up my very first paph a month or two ago. It is a very young one has not bloomed yet. I noticed today when watering that one of the bottom leaves is pale yellow. What does this mean?

I have not repotted it yet. I thought I would wait until after it blooms. It is packed in moss.

It sits in an east facing window. Gets some indirect light but lots of bright light. It is winter here in the Midwest so the sunroom can get chilly but usually 65 degrees day and 60 at night (roughly). Have been watering twice weekly. Have given it a couple of doses of weak fertilizer that I use when I water the rest of my orchids.

Also The spike that is coming up. Does that look OK? I was expecting to see some sort of a bulb at the tip but there is nothing.

Thank you in advance