The Suffering Servant died in order to be a Covenant for His people

Rick Watts, in his contribution on Mark in Carson & Beale’s “Commentary of the New Testament Use of the Old Testament” sees Christ’s invocation of “covenant” in the Upper Room as a connection back to Isaiah 42:6, and in doing so, ties together Exodus 24, the Isaiah passage, and the Upper Room:

“Exodus 24 functioned primarily in two ways. First, it provided an interpretive framework for the blood of circumcision. On Mark’s reading, circumcision as a mark of entry into covenant must now be related to Jesus. Second, and more commonly, Exodus 24 necessarily meant Torah-obedience (24:7) – understandably so, as this was Israel’s fundamental covenant obligation… That Mark’s succinct account mentions no stipulations needs to be balanced with Jesus’ eminent concern for Torah throughout and the fact that Mark begins his story (Mark 1:2-3, in which Mark quotes from Isaiah 40:3 as well as Malachi 3:1; crb) with Malachi’s messenger of the covenant. Consequently, Israel’s “kingdom of priests” vocation, expressed in terms of Isaiah 40-66’s vision of including Gentiles (see Isaiah 42:6; crb) and hence “the many” (from Isaiah 56:7 in Mark 11:17; crb)…, can be fulfilled only in relation to Jesus and an equally exclusive commitment to him and his “cross-bearing” Torah.

“Finally, we should note that even if Mark does not explicitly say so, this converges with the work of the servant whom Yahweh twice declares is appointed as a “covenant for the people,” which probably means for the faithful within Israel and the survivors of the nations who turn to him (Isaiah 42:6; 49:6-8).” – Rick Watts, in Carson & Beale, “Commentary on New Testament Use of the Old Testament”, p. 231

So... the flow of covenant/blood of the covenant in redemptive history, as Watts understands it, looks like this: Exodus 24 -> Isaiah 42/49 -> Mark 14:24. This is why Isaiah 53 is important in understanding the nature of the covenant in Isaiah 42/49 and 54/55/56/59. The Suffering Servant who has been called to be a Covenant for the people (42/49) must die (53) in order to be an Everlasting Covenant of peace (54/55/56) administered by the Spirit to the people (59). Side note: when we think of “covenant of peace” what is called to mind again is Isaiah 9:6... this government is ruled by the Covenant-Prince of Peace.