The picture of Jesus’ return in Rev. 1:7 is based on allusions to Daniel 7 and Zechariah 12. The “he” of 1:7 clearly refers to Jesus, as He has been the subject of the previous two verses. “Coming with the clouds” recalls the son of man who comes with clouds to the Ancient of Days and receives dominion over the kingdoms of the earth (Dan. 7:13-14). In Revelation Jesus’ right to rule over the earth is recognized in heaven at His ascension (Rev. 5) and on earth at the Second Coming (Rev. 1:7).
The allusion to Zechariah is particularly interesting. In Zechariah 12:7-8 it is Yahweh who comes (Zech 12:7-8), in Rev. it is Jesus who comes. In Zech. 12:10, it is Yahweh who is pierced, in Revelation it is Jesus who is pierced. In Zechariah it is the inhabitants of Jerusalem who see God come (Zech. 12:8-10), in Revelation it is whole earth that sees Jesus come. In Zech. 12:11-12 it is the clans of Jerusalem that mourn, in Rev. it is the tribes of the whole earth that mourn.
In Revelation’s use of the Old Testament, therefore, there is a shift in emphasis from Yahweh to Jesus. There is a similar shift from the literal and local things of Israel to the worldwide impact of the gospel and the church.