We have to get away from the modern concept of an axe, the term is misleading, some axes were huge and used as ploughs, others were tiny
A modern analogy could be a Sword or a knife.
We use knives in our daily activities but large knives & swords can have a deep significance depending on it's function.
Some Swords and knives produced in certain areas carry a deep significance such as Toledo steel for swords or Sheffield or Solginen steel for knives.
Look at the role of the sword in our mythologies. Excalibur and the lady of the lake has echoes in prehistory with the deposition of swords in water just as axes have been found ritually deposited in water
bit more on axes here
http://www.themodernantiquarian.com/user/328/weblog/0/16451