Hebrews 9:22 And almost all things are purified by blood according to the law, and without shedding of blood there is no forgiveness.
Without the shedding of blood there is no forgiveness of sins. Without forgiveness of sins there is no way for the requirement of God's righteousness to be fulfilled that the covenant may be enacted. But Christ's blood was shed for the forgiveness of sins, and the covenant was enacted with His blood.