Nike Stock Crashes to 12-Year Low, Beats Bitcoin's Decline

Nike (NKE) stock fell to its lowest close since September 2014 on Monday, hitting $39.09. This marks a 78% decline from its record high in November 2021.

The company's stock has been steadily declining over the past two years, with a 38% year-to-date drop and a 5.5% decline in August alone.

This is surprising given that Nike is a Dow Jones Industrial Average stock, which investors typically buy for safety.

In contrast, Bitcoin (BTC) has not fallen as far during this bear market, with its price still around 50% below its record high.