When Holly Holm knocked out Ronda Rousey at UFC 193 in November to win the Bantamweight title, she became one of the most popular fighters in the UFC. She was on every major television and radio program discussing how she transitioned from boxing icon to MMA sensation. She was on top of the world and it looked like we had reached a new age in the Bantamweight division.

Then came Miesha Tate.

With Ronda Rousey on the shelf without a timetable for return, Holm and her management decided to defend her title against a willing challenger who was ready to compete. That challenger was Tate, who was expected to fight for the title against Rousey until Holm was given the shot. This decision had a large financial incentive, with Holm receiving a percentage of PPV revenue on a card headlined by UFC blockbuster Conor McGregor. Despite the pay day, Tate ended up defeating Holm in an exhilarating sequence in the 5th round that ended with a Rear Naked Choke that put the Champion to sleep.

After the loss to Tate, the now former Champion was looking for a fast turnaround to get back on the horse and into title contention. She accepted a fight at UFC on FOX 20 in Chicago, headlined by a Light Heavyweight bout between sluggers Anthony “Rumble” Johnson and Glover Teixeira. When the Main Event fell out due to injury, it was Holm who was given the slot; a perfect opportunity for Holm to rebuild her star on national television.

Valentina Shevchenko had another plans.

The Kyrgyzstani was dropped by Holm in the first round, but quickly rebounded and beat Holm to the punch for the greater part of 4 rounds, winning a unanimous decision that was scored 49-46 on all three scorecards. A defeated Holm left the Octagon last night soundly beaten, and wondering what would come next.

Just 8 months after shocking the world and ending the era of Ronda Rousey’s dominance, Holly Holm is now a 34 year old fighter on a two fight losing streak. Holm, in her typical character, seems determined to prove she is not a one-hit wonder in this sport, but her situation begs the questions. Will we see Holm again? Is a fighter on the wrong side of 30 with a career’s worth of damage behind her willing to keep going without a clear path to the title? Is it even wise for her to do so?

For now, Holm’s future plans are anyone’s guess, but after conquering both boxing and MMA over the last 15 years, Holm has nothing left to prove and plenty of opportunities to fall back on, stepping away may be the wisest choice for her.