The lines of Huàn mostly lack ties or correspondences, which also represents separation; only Top corresponds to Three. Three resides at the extreme of perilous entrapment; if Top follows it downward, it cannot emerge from dispersion.
Peril carries the image of harm and terror, hence it says 'blood and dread.'
However, Nine, being firm and yang, dwells outside dispersion, presenting the image of emerging from dispersion; furthermore, occupying the extreme of Xùn, it can comply gently with the principles of affairs.
Therefore it says that if one can cause blood to depart and dread to exit, there will be no blame. 'His' refers to what one possesses.
In a time of dispersion, merit lies in the ability to unite; Nine at the Top alone dwells at the extreme of dispersion, having an attachment while overlooking danger, so taking the ability to emerge from dispersion and distance oneself from harm is considered good.
The Commentary on the Image says: 'He disperses his blood': keeping harm at a distance. If read strictly according to the phrasing of the Image, 'disperses his blood' would be like 'hoards his grease' in Hexagram Difficulty at the Beginning (Zhūn).
Yet the meaning is not so: beneath the character 'blood,' the character 'depart' has dropped out. Blood departing and dread exiting means being able to keep harm at a distance, which brings freedom from blame.