ESV Reformation Study Bible – Ex 24:8
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Ex 24:8

24:8 threw it on the people. The people are sprinkled with “the blood of the covenant,” the blood that puts the covenant into effect (Heb. 9:16–22 and notes). The blood signified cleansing from sin so that the people might enter the covenant relation, and it underscored that the ultimate penalty for breaking the covenant was death. Jesus proclaimed the fulfillment of the symbolism at the Last Supper when He offered the cup: “This is my blood of the covenant, which is poured out for many for the forgiveness of sins” (Matt. 26:28).