In the Everglades which has a lot of shallow waters we will see V’s alot.  Because water may only be 2 to 3 feet deep, anything moving around with cause water movement.  This can be Peacock attacking at speed, bass just moving around, big bowfin, snakeheads, or even gators.  If there is a lot of V’s it probably big gar which will come up to gulp air.  A sign of poor quality water and they are there to eat baitfish effect by the crappy water.  I see them I usually motor off to somewhere else with better water quality.

I have seen them as well. A v-shape heading right toward the bank and then either fading out or taking a sudden left or right with no minnow or bug at all.  I always just assumed it was a wind anomoly.   But I do see minnows doing v-shapes as well many of the times.