RVT Ratio was first created in-house, undisclosed, inside Adaptive Fund by David Puell, but later created in parallel by Checkmate and publicly presented. RVT is short for "Realised Value to Transaction Volume ratio" and as such is a derivative of MVRV Ratio. Where MVRV is a ratio of the market cap to realised cap (that is the the total value the market paid for their coins), RVT uses transaction volume. Since transaction volume tracks market cap to a very high correlation the results a similar. RVT creates a useful signal for macro market tops and bottoms and also can be used to locate what phase the market is in between these two transition points.
On-chain volume estimates provided by Coin Metrics