“We showed a very high level of consistency and quality throughout the competition and learnt from it and tried to be better.”
Arsenal's best Champions League finish was runners-up to Barcelona in 2006.
“That tells you with our long history how difficult it is because we haven't won it yet. And that's the opportunity. That's how I see it, ” Arteta said.
“The big clubs, I mean, they try seven, eight, nine times, they win two. So in this competition, it's going to be one, and you fail much more than you succeed.
“That's the history of our club. And that's what we want to change.”
Martin Odegaard did not make the trip to Bilbao after the midfielder went off early with a shoulder injury in Saturday's 3-0 win over Nottingham Forest, joining defender Ben White, winger Bukayo Saka and forwards Gabriel Jesus and Kai Havertz on the sidelines.
With a much deeper squad available this season, however, after signing the likes of Viktor Gyokeres, Martin Zubimendi, Eberechi Eze and Noni Madueke, Arteta is confident.
### Uefa Champions League this week
**Tuesday:**
* _Atletico Bilbao v Arsenal (6.45pm)_
* _PSV Eindhoven v Union Saint-Gilloise (6.45pm)_
* _Benfica v FK Qarabag (9pm)_
* _Juventus v Dortmund (9pm)_
* _Real Madrid v Marseille (9pm)_
* _Tottenham Hotspur v Villarreal (9pm)_
**Wednesday:**
* _Olympiacos FC v Pafos (6.45pm)_
* _Slavia Prague v Bodo Glimt (6.45pm)_
* _AFC Ajax v Inter Milan (9pm)_
* _Bayern Munich v Chelsea (9pm)_
* _Liverpool v Atletico Madrid (9pm)_
* _Paris St Germain v Atalanta (9pm)_
**Thursday:**
* _Club Brugge v Monaco (6.45pm)_
* _FC Copenhagen v Leverkusen (6.45pm)_
* _Eintracht Frankfurt v Galatasaray (9pm)_
* _Manchester City v Napoli (9pm)_
* _Newcastle v Barcelona (9pm)_
* _Sporting CP v Kairat (9pm)_
**Reuters**