In my hand.
Having done most of my field duty in the military, it wasn't an option - when needed I had to carry an E-tool. Camping with the family, it's propane powered and no open flames is often the rule. Too many cut down whatever around the campsites and they have hacked back the vegetation far in excess of what they needed.
That leaves clearing the land around the house, it's a short walk.
In the day, I tried carrying a large field knife or even a machete, which left it banging and dangling around my hips and knees getting tangled in heavy brush. That got old quick, especially when you sit down and the handle pokes you in the ribs.
I would put the hawk on my pack. It's not a brush clearing tool on the trail, walk around or find some other path. Most of us don't need to hack a way thru temperate woodland. If things are that bad, a walking stick would be less work pushing aside limbs, etc. I was the #1 tool used by instructors in the field, and by us on compass courses when the M16 wasn't in hand.
Then, when you have selected a site, the pack comes off, and so does the hawk. We didn't use the E-tool on the trail, it was for preparing a defensive position, same as a campsite.
I've seen some rigs that carry the hawk in a shoulder holster arrangement, or outside the pack in a quick release setup, I have to ask if you are just busting trail to get to your campsite or cruising around, what is out there you suddenly need to dispatch it with an edged weapon? The better choice would be the handgun you had in it's holster. After all, if it's that dangerous, you don't get into arm's reach conflict with it, you want standoff, and the more the better.
Strap the hawk to your pack and it's good. Keep a sheath over the edges and it won't cut up your gear, clothing, or you.
