To send or not to send?

I met a man at school about 2 years ago. We really hit it off, we spent so much time together. We tried a relationship of some sort but determined we weren't ready and continued being friends. In that time, I fell in love with this guy. Not lusty, not like I have to have him- the kind of love where I want to be with him forever, I want to be his best friend- and even though we mutually called off the relationship, I felt confident it would all work out in the end.
Fast forward a little more than a year after we finished school. We still spend quite a bit of time together when I'm home, we even went on a trip together last year. He sent me a letter (we live on opposite sides of the country) a few months ago sort of alluding to "us" being a thing in the future. I felt overwhelmed and didn't respond to him but over these last few months have really been feeling this love I have for him. We talked on the phone a week ago and he told me he just started dating someone. It's not serious, he said, as they've only been dating for a month or less. 
Of course, now I want to send him a letter. Now that I could lose him, I want to tell him how I feel. I don't want to do it in person, because I don't want him to feel trapped so I think a letter is the best approach- that way he can take as much time as he needs to respond accordingly.
I've written the letter and it's short and VERY blunt about my feelings towards him. I tell him that I don't have expectations for his response, I just wanted him to know how I feel.
Okay. After reading this entire post, what do you think? Is it wrong for me to send the letter? Or is it okay?

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