I hang mine from the head-end suspension of my hammock. I use a cord with an adjustable length. Usually it's long enough that the pack rests on the ground, upright, and near my head within reach while I'm in the hammock. The cord is basically keeping the pack from falling over, or at least falling so far that I can't reach it.
If it's very wet I might shorten the cord to keep the pack off the ground. I can't reach it from within my hammock in that mode, but that's not the end of the world.
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