What's interesting about both the Words of Institution and Heb 9 is that they connect Jesus' blood with a covenant sacrifice.
This I beleive is correct, the Atonement needs to be understood within the Covenant of Grace. This is explained at more length by Hugh Martin in his work on the Atonement, which covers the original debate between Amyraldism and Calvinism.
You need to look at all of Heb 9 and 10. The implication of both is that Jesus' death establishes the new covenant under which God no longer counts sins against us (Heb 10:16-17).
Hence Heb doesn't interpret his death as a sacrifice for sin. 3-7 actually says that God doesn't want such sacrifices, paralleling Ps 4:6-8.
It seems you are drawing a difference between a covenant sacrifice and a sacrifice for sin? That a covenant sacrifice is that which establishes a covenant, I agree, but can the death of Christ not also be a sacrifice for sin, one that really does put away sin and cleanse the conscience?
It seems to me when scripture says that God's doesn't want such sacrifices it means the old testament sacrifices of goats and calves are not an alternative to a contrite heart, and true worship. Those cannot cleanse the conscience. But the sacrifice of Christ is a sacrifice, a better sacrifice, which purifies the heavenly tabernacle (the one the earthly tabernacle was a pattern of)
We don't present that sacrifice, Jesus as High Priest presents himself as spotless Lamb of God, to God. But by his Word and Spirit he works in us true repentance, a contrite heart the sacrifice God wants from us. That God in is infinite wisdom allowed the Atonement happen in the manner that it did - upon a Cross was according to John - that even as Moses lifted up the serpent in the wilderness, even so must the Son of man be lifted up. That whosoever believeth in him should not perish, but have eternal life. (John 3:14-15)
The Israelites who where bitten by snakes in the wilderness looked up at the bronze serpent Moses put on a pole and they lived. In the same way God wants us to be able to look up at Christ on the Cross, when we do we see our sins, and also Christ's bearing sin's curse for us. God wants us to put our trust in Jesus the Messiah, His Person and Work.
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