diff --git a/notes/observed-bugs.md b/notes/observed-bugs.md
index 21bf03621..7c547f423 100644
--- a/notes/observed-bugs.md
+++ b/notes/observed-bugs.md
@@ -82,6 +82,49 @@ without board power-cycle").
 **Status**: task c3 (indirectly, via bes_chardev removal which currently
 gates the signal/nosignal mode switch path).
 
+## Bug #5 — RX path degrades under attempted-throughput pressure
+
+**Suspect file**: bes2600 RX path (`txrx.c bes2600_rx_cb`, `bh.c bes2600_bh_work`,
+SDIO RX scheduling) — pinpoint pending.
+
+**Symptom (observed 2026-05-07 13:43, srcversion `1B3B3ED0` = c-stack +
+Patch A + Patch B, ohm @ -57 dBm 2.4GHz ch11 5b:32, idle save for the
+netcat load):**
+
+```
+sender cap 1 MB/s  →  ohm receives 1015 KB/s,  signal -57 dBm,  RX MCS 4
+sender cap 4 MB/s  →  ohm receives  563 KB/s,  signal -67 dBm,  RX MCS 3
+                     (Send-Q on boltzmann backed up to 1.16 MB)
+```
+
+Pushing the sender-side cap from 1 MB/s to 4 MB/s **decreased** observed
+throughput at the receiver and degraded the link metrics. Signal dropped
+~10 dB and the chip downshifted MCS, suggesting the chip can't sustain
+the higher RX rate even with the link physically capable of more (link
+bitrate 65 Mb/s = ~8 MB/s theoretical).
+
+**Hypothesis (Markus, 2026-05-07): driver/firmware locks itself to death
+under busy reads** — possibly a busy-wait loop or lock contention on the
+RX SDIO path that prevents draining at line rate. Plausible reason it
+didn't surface for the c-stack tasks: those operated at typical
+browse-rate traffic, well below the saturation threshold this bug needs
+to fire.
+
+**May explain**: original Phase-0 observation that **YouTube DASH chunks
+drop ~10 frames per chunk fetch** on hardware-decoder playback. A chunk
+fetch is a brief burst at near-link-rate; if the driver throttles itself
+down during high-RX, the player buffer underruns for the duration of
+the fetch.
+
+**How to drill (when prioritized)**:
+- Capture trace_pipe with `mmc:*` and `sdio*` events enabled during a
+  controlled rate-ramp (e.g., pv -L 500K, 1M, 2M, 4M each for 60 s).
+- Watch `/proc/sys/kernel/sched_*` and the `bes2600_bh_work` kworker for
+  CPU saturation.
+- `perf top -p $(pgrep -f bes_sdio)` during 4 MB/s load.
+
+**Status**: backlog. No patch yet.
+
 ## Bug #4 — scan_complete_cb constant loop
 
 **File**: `scan.c:883-909` — `bes2600_scan_complete_cb()`.