Psalm 69 shows us how much our Lord Jesus has suffered for us. Picture in this psalm Jesus dying on the cross but also all the images of passion week. 

The person speaking in this psalm is Jesus himself. He speaks as carrying the judgment of God. That the judgment is described like the flood, and that he is paying not for his own, but for the foolishness of us all. 

Echoes of Jonah, Romans, John 2, and more fit into this psalm. 

Indeed the thrust of this psalm is that Jesus is baptized with a baptism from God of carrying and bearing God’s wrath over sin.