I am another one that wraps it on a water bottle. I make a loop of cord for a lanyard on the bottle and the tape holds that in place too. Set the bottle on the middle of the cord, tape it to the sides of the bottle with several wraps of tape and then tie the ends of the cord to finish the loop.
Now you are not tempted to carry the bottle by the (weak) cap retainer and can tie it to or hang it from your gear as the situation dictates.
I always have a water bottle with me.

I like to gut old pens, wrap my tape around them & then use a utility knife to cut the pen to size. Works pretty well & quick if the pen is placed in a drill to wind the tape.