Phrag hamboldtii: Yellow tip of the top.

[DaylightFirefly]

Phragmipedium hamboldtii “Fortuna”.
I am not sure if that is the pouch or a new leaf. Whatever that is, it started to turn yellow. Is that bad? Should I change anything in how I care for the plant?
I was hoping it is a bud-pouch. But maybe not.

I water this plant with filtered water, leaving some in the bottom plate. It is always moist, never dried. I used sphagnum with some bark and some ceramic chips and a layer of leca at the bottom.
Light is filtered, phalenopsis strength.