This Jesus is the one whose coming [to earth was introduced] by water [at His immersion. See Matt. 3:13] and [completed] by blood [at His crucifixion, John 19:17-37]. He did not come by the water only, but by the water and by the blood. And it is the Holy Spirit who gives testimony [at both of these events], because the Holy Spirit is [always] the truth. [See John 16:13].

The Holy Spirit [through His Word], and the water [through His immersion] and the blood [through His crucifixion]; and these three agree together [in giving testimony about Him].