And as the circumcised in the flesh, and not in the heart, have no part in God's good promises; even so they that be baptized in the flesh, and not in heart, have no part in Christ's blood.

Here is also to be noted, that the cause of the institution was to be a memorial, to testify that Christ's body was given, and his blood shed for us.

Christ made the bread the sacrament of his body only: wherefore as the bread is no similitude of his blood, so am I not bound or ought to affirm, that his blood is there present.

William Tyndale Quotes