Hi Ben, Welcome to the Orchid Board!
I have a Ron's Rippling Delight. Oncidiums use a lot of water, and they are accustomed to fairly high humidity. In a home, with low humidity, they may evaporate more water than is available at the roots. If this happens the pseudobulbs wrinkle.
I wasn't able to let my Oncidiums go dry between waterings when they were in the house, or they suffered, and wrinkled. So, over time, I kept them wetter and wetter. I now keep them so moist ferns are growing in the medium. I have never had root rot problems, but other people do when keeping them this wet.
I can't see the roots on your plant. If you haven't had it more than a week or three, I doubt the roots are dead, or the flowers wouldn't look good. Gently uncover some of the roots and see what they look like. Healthy Oncidium roots are white or tan, may have green growing tips, and they are firm, never mushy.
My guess would be not enough water coupled with low humidity indoors with winter heating.
If the roots die, you wind up with the same problem, because the plant can't get enough water.
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