Well, I could be mistaken (it wouldn't be the first time-lol) but when he swings his right arm back like 3 seconds before the scene cuts out, I really think there is something dangling from his right hand. Does he toss it? Hard to tell, but I'm pretty sure he did remove it, and I'd swear it's never seen again.
Why?? I'm not sure and I'd only be guessing at this point. The obvious, bad memories from the whole John nightmare, how could he enjoy it anymore after that mess?? Pure speculation, Justin returning it to him and tying it on his wrist symbolizes some sort of committment thing to him that's not real since Justin is still with Ian, so Brian rejects it. More likely, it means nothing and it was Gale's bracelet and he stopped wearing it, end of story. IDK.