I didn't think orchids grew "terminal spikes." I have two echeverias, and have been told that succulents grow terminal stems from the center of the plant when they're ready to seed, but I didn't think orchids did this too.
I've never seen this before, so I don't have any real advice (Sorry!), I'm actually really curious what other answers other people will give you. I'll stay tuned...
The center spike has a leaf as well. Would that make a difference whether or not its at its end? If it grew another leaf, to me that signals its still growing and holding on
I don't know. Hopefully other growers here do.