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1. With whom was the Abrahamic covenant "established"?

2. To whom was the Abrahamic covenant to be administered?

"To thee and thy seed," of course.

But here is the distinction that always comes up in credo/paedo debates. Baptistic covenant theology would say that, although Christ is the Savior of all the OT saints, He did not die for all in the Old Covenant. Based on Jeremiah 31/Hebrews 8, Christ died for all in the New Covenant. Hence, this is why it is called a better covenant built on better promises.

True godliness is a sincere feeling which loves God as Father as much as it fears and reverences Him as Lord, embraces His righteousness, and dreads offending Him worse than death~ Calvin