Daniel gives us more insight into this "covenant with many". From all indication, the covenant is made with Israel and is part of the indignation the Jews must suffer because of the 70 weeks determined by God.
Daniel 11
[21] And in his estate shall stand up a vile person [anti-christ], to whom they shall not give the honour of the kingdom: but he shall come in peaceably, and obtain the kingdom by flatteries.
[22] And with the arms of a flood shall they be overflown from before him, and shall be broken; yea, also the prince of the covenant.
[28] Then shall he return into his land with great riches; and his heart shall be against the holy covenant; and he shall do exploits, and return to his own land.
[29] At the time appointed he shall return, and come toward the south; but it shall not be as the former, or as the latter.
[30] For the ships of Chittim shall come against him: therefore he shall be grieved, and return, and have indignation against the holy covenant: so shall he do; he shall even return, and have intelligence with them that forsake the holy covenant.
Daniel 11
[21] And in his estate shall stand up a vile person [anti-christ], to whom they shall not give the honour of the kingdom: but he shall come in peaceably, and obtain the kingdom by flatteries.
[22] And with the arms of a flood shall they be overflown from before him, and shall be broken; yea, also the prince of the covenant.
[28] Then shall he return into his land with great riches; and his heart shall be against the holy covenant; and he shall do exploits, and return to his own land.
[29] At the time appointed he shall return, and come toward the south; but it shall not be as the former, or as the latter.
[30] For the ships of Chittim shall come against him: therefore he shall be grieved, and return, and have indignation against the holy covenant: so shall he do; he shall even return, and have intelligence with them that forsake the holy covenant.