Son won't sleep unless he's being held

My wife and I are exhausted. Our 3 week old will only sleep if one of us is holding him. The second we put him down in the bassinet he loses it. We've tried everything - white noise, swadling, warming the mattress. Nothing works. Is this normal? How long does this phase last? I'm running on like 2 hours of broken sleep and honestly I'm starting to wonder if I can actually do this.