I have couple of questions trying to understand how BTC ETF works. I kind of know what is ETF and how it works in traditional markets.

1. Where does IBIT price come from? Today it is around $53, however, BTC is about 97k already. I guess there is no direct correlation?
2. Why it is called iShares Bitcoin Trust? Does the word "Trust" mean anything in this case?
3. What is the idea behind the BTC ETF? My assumption is Blackrock will sell IBIT shares, and buy BTC from the market for the money they've earned. If this is correct, do we know how much BTC they have bought? Where they kept it? Is there correlation between the price of IBIT and number of BTC's they have?