The word "cup" refers to the wine in the cup. Alternate translation: "The wine in this cup" or "This cup of wine" (See: [[rc://en/ta/man/translate/figs-metonymy]])
This new covenant will take effect as soon his blood is shed. Alternate translation: "the new covenant that God will put into effect because I have shed my blood"
Jesus speaks of his death by referring to his blood being poured out. Alternate translation: "which is poured out in death for you" or "which will flow out of my wounds for you when I die" (See: [[rc://en/ta/man/translate/figs-metonymy]])