Just put it in a chest near your pigpen or what have you. I do that with all my tools for stuff.

There's always a chest with a cultivator in it next to my farms. My swamp outpost has a chest with a crypt key and a hoe in it. (Never explore a swamp without your hoe!) My mountain outpost has a chest with a wishbone in it. Etc. Etc.

It de-clutters storage and you'll always have the proper tool handy.

Also, I'm not 100% sure about this, in defense of the usefulness of the butcher knife...but it would appear that using it on your livestock generates no aggro from the others. A herd of penned-up lox going on a mad rampage because they aggro'ed something or someone is a sight to behold.