Tbh I think it just indicates whether they have made a decision on you as an applicant, be it offer/waitlist/rejection. We will only find out the result by e-mail so wouldn't panic if still a button nor cheer if no button anymore
The wait is so incredibly stressful. Couple of my seniors who got into Oxford in the past said that the button theory is not too accurate, so praying that offers come through for all of us waiting!!!