I’m not in the beta so I’m not sure if there is a loading animation.
This could be while you wait for a search or while you wait for a byte to load.
I posted my take on a previous topic, here is an updated sped up version:
Does anyone have their version they want to share?
Edit: I think they work best for searching, the circle looks like it’s searching for something that can’t be seen if you’re not looking through it (hence the color change)