The Storm were steamrolled 48-6 by a ruthless South Sydney, who ran in nine tries to one in their Anzac Day clash on Saturday to claim their first ever win in Melbourne.
The hosts didn't make a single line-break until the 69th minute while the Rabbitohs made 14, only completed at 68 per cent, and made 14 errors.
Slumping to their sixth straight loss for the first time on his watch, Bellamy said it was the "most embarrassed" he'd been in his football career, which tallies 613 matches as NRL coach and 150 as a Canberra player.
If Melbourne lose to the Dolphins in Brisbane next Friday night, it will equal the club's worst ever losing streak, with Mark Murray overseeing seven losses in 2002 before he made way for Bellamy.
With just two wins so far, the club is also in danger of missing the finals for the first time since Bellamy took over, apart from 2010 when they were unable to play for competition points due to salary-cap cheating yet still managed 14 victories.
The side will be without Kiwi Test halfback Hughes against the Dolphins.
The veteran No.7, who left the field clutching his arm, was cleared on Sunday of a serious wrist injury.
However, Hughes also suffered a concussion during the match, and after failing a HIA will miss the trip to Suncorp Stadium, with Tyran Wishart likely to take his place in the halves.
Bellamy insisted there could be worse to come, saying he will make player changes despite having little experience to call on in the reserve-grade squad.
The departure of Nelson Asofa-Solomona and injury and illness ruling out Eli Katoa and Tui Kamikamica have severely depleted their big-man stocks, while their backline, including superstar Cameron Munster, isn't clicking.
"We might have to go downhill a little bit further, to be quite honest," Bellamy said.
"At the end of the day, I've stuck with basically the same side the last six weeks and I think it's time to make some changes.
"We haven't got a whole heap of depth there with first-grade experience, but we'll find a couple of guys that want to go out there and have a go, so that's what we'll do.
"I don't know if starting again is the right term, but that's what it feels like at the moment - just cut it back to its bare bones and let's build again."
Bellamy was asked if he still had the dressing room, and the coach responded: "That's a good point, I might not have."
Skipper Harry Grant quickly interjected and said it was on the players to work harder to turn the season around, not the coach.
"Yeah, he does, that's a silly question, you don't need to ask him that," Grant said.
"He's a modest guy and he's probably going to look to himself for these results, but at the end of the day no one works harder than Craig.
"You come into the club every morning and he's in here working."
