Matthew 26:28

For this is my blood of the New Testament
That is, the red wine in the cup, was an emblem and representation of his precious blood, whereby was exhibited a new dispensation, or administration of the covenant of grace; and by which it was ratified and confirmed; and whereby all the blessings of it, such as peace, pardon, righteousness, and eternal life, come to the people of God: the allusion is to the first covenant, and the book of it being sprinkled with the blood of bulls, and therefore called the blood of the covenant, ( Exodus 24:8 ) . But the second covenant, or the new administration of the covenant of grace, for which reason it is called the New Testament, is exhibited and established in the blood of Christ the testator. It was usual, even among the Heathens, to make and confirm their covenants by drinking human blood, and that sometimes mixed with wine ^F5.

Which is shed for many, for the remission of sins;
that is, was very shortly to be shed, and since has been, for all the elect of God; for the many that were ordained to eternal life, and the many that were given to Christ, the many that are justified by him, and the many sons he will bring to glory: whereby the full forgiveness of all their sins was procured, in a way consistent with, and honourable to the justice of God; full satisfaction being made to the law of God, for all their transgressions.