My boyfriend just said he's not emotionally ready for a relationship but isn't breaking up with me. Is this the end?

So this relationship is fairly new. We would have been officially together for a month this weekend. The whole time we've been together, I've encouraged openness and communication. Just yesterday, we had a discussion on whether we were moving too fast or not or if we had other concerns. He said he was very happy being with me and didn't want to change anything about us. Now today, he said he doesn't think he's emotionally ready for a relationship but would rather be friends. I told him that if what he needed was to be out of the relationship, then he needs to do what's going to make him happy and healthy. He responded with I love you. What's going on because I don't know and my brain is in a fog right now....I don't know who to turn to.

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