Guys, Did I do the right thing letting him go?

I have a guy friend I had had a thing with but didn't date we choose to end things cause he said he wasn't ready for a relationship because he had some problems we decided to stay as friends but I had to cut him off recently because, being friends with someone you like that likes you but doesn't like you enough to date you, hasn't fully moved on from someone else he dated and says he's not ready for a relationship really hurts. We tried being friends but it only hurt me and I kept on having this hope he'll come around which I didn't want, I really love him but I don't deserve be be an option so I felt the best thing for me was to cut all ties entirely to move cause leaving a space for communication was really holding me back but I made sure to tell him before I did it cause it felt more respectful to do so..

Guys, Did I do the right thing letting him go?
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