New/Sealed. Disc is NOT loose however I cannot guarantee that it won't get dislodged by USPS during shipping. PS4/PS5 cases are notorious for getting dislodged. If that is a concern of yours know that: 

1) Blu-ray discs have a much harder protective coating on the data side than DVDs and CDs. This means that it's quite difficult to scratch a Blu-ray disc.

2) Discs can easily be set back in place if you intend to keep the game sealed. Watch the following video for how. https://www.youtube.com/watch?v=Mh7KbI1Uino

3) I have sold many PS4 and PS5 games over the years with great customer satisfaction. Check out my feedback. 

4) If you are still concerned, consider purchasing from another seller.