Less oxygen per breath
At 3,650 m, the air pressure is roughly 65% of sea-level pressure. Each breath still contains the same percentage of oxygen, but the partial pressure of oxygen is lower, so less oxygen reaches your blood with each breath. At 5,200 m, it is closer to 50%. At 5,630 m on Dolma La, it is around 48%.
This is why altitude sickness can affect fit and unfit people alike. Your baseline cardiovascular fitness helps, but it does not change the physics of oxygen pressure.