My 3-month-old won't sleep unless someone's holding him

So my son is almost 3 months and we're stuck in this loop where he'll only sleep if one of us is holding him. The second we try to put him down in the bassinet, he wakes up screaming. We've tried the gradual hand release thing, white noise machines, everything. My wife is exhausted and honestly so am I. We're taking shifts at night which means neither of us is getting real sleep. Is this normal? When does this phase end? I'm genuinely losing it here.