The director of football spoke after Los Blancos were drawn alongside Ajax, Manchester City and Borussia Dortmund in Group D of the competition.
“We've had no luck, really, but the opponents will think the same. We could have got Juventus. We’re ready," he said.
“Every game is going to be very important. Obviously, on paper the first two teams are favourites – Real Madrid and Manchester City. But, I have to disagree. We have to give our complete focus to every game."
And after reaching the semi-finals of the Champions League last season, Butragueno says they only have one objective this time around.
“That is our objective [reaching Wembley]. It is going to be a long journey, which will be very difficult. We have to think about this group and try to do our best to get through to the next round," he added.