What does it mean when a guy returns your gift back?

I gave my special someone a bracelet, love letter and lots of sticky notes with topics we could talk together. We met online, video called daily, never met in person. He became sweet to me. He said I am his significant other when I asked him about the status of our relationship. When I told him I already have feelings for him, he told me he is unsure of what he feels since he haven't met in person and want to be just friends to avoid unnecessary expectations and disappointments. He returned back the gift I sent him. Everything from the love letter to the notes to the bracelet, he kept nothing. Does this mean I should forget about him and move on? What could be the reason that he needed to send everything back?
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Back then when we were still happy, he told me how much he loved my gift. I wonder why he had to send all of it back. He even decided not to keep the love letter.
What does it mean when a guy returns your gift back?
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