What is the significance of the covenant in Zechariah 9:11?

In Zechariah 9:11, the phrase 'by the blood of thy covenant' indicates God's binding promise to His people, which is fulfilled through Christ's sacrificial death. This covenant represents a profound shift from the old covenant of works, which offered no hope, to the new covenant of grace established in Jesus. It underscores that salvation is not based on human merit or efforts but solely on Christ's obedience and sacrifice. As believers, we enter into this covenant through faith, which grants us the assurance of God's eternal promises and our secure standing before Him, hence rendering us 'prisoners of hope' in the best sense.