Lol. Down memory lane here.
We were in what seemed a wonderful church to our naive and trusting charismatic zeal about 42 years ago as I recall. The preaching was great and God was "moving". The church was growing rapidly from new converts, not just "sheep transplants", especially with teens, and the mid week prayer meeting was the highlight of our life. My husband became an elder along with another guy who is a national celebrity name in charismatic circles these days.
Fast forward a few years, and Mr. kind caring wonderful pastor turned out to be adopting spiritual children with this holy covenant. I looked it up in Keil and Delitzsch at the time, who said it was the most sacred of all the Jewish covenants. The hand was placed on the body where a man's life came from.
When the pieces of the puzzle got put together, this guy had had some kind of experience of being adopted by a "spiritual father" many years ago, and it had a huge positive impact on his life supposedly. The problem was, he was only adopting women now as his spiritual daughters, and "loved them like a father". His wife actually got mad at women later for accusing him of doing something wrong.
My husband and the other elder went after this hard, but I don't think the pastor ever admitted to doing anything wrong. These women all lacked a good Christian father and he was being like St Paul to be fatherly to them, and this was the sacred biblical covenant. He said it would be immoral to put the hand "on the shaft", but "the hand on the testicles was biblical." He did finally agree to stop ministering to women alone and ever doing this again, but six months later some gal blabbed about being in the office with him and what happened, and it all blew up and we left. Later the man was forced to leave. Eventually we found out that probably at least two women did commit adultery with him, maybe more.
I had wanted to leave for many months before we did, but my husband felt like he was supposed to protect the flock, and he didn't want to just leave and let more women be used and led into this perversion by a wolf in sheep's clothes. It was profoundly educational for me, in that those last months we saw some true healing "miracles" and powerful gifts of the holy spirit (or demons) operate, and I was so bewildered. I understand this subject better now, and how a man in great immoral sin can outwardly seem so "anointed".
My guess is- strictly a guess- that the covenant OP speaks of is still being used. We live in a time where deceiving spirits are endemic in the church, most especially with charismatics. It is right there in the bible, it was a holy covenant, and who knows how treacherous men could be using it.
I haven't thought about it or talked about it in a long time. But you asked : )