Arrasate has been axed with Mallorca inside the bottom three, one point from LaLiga safety.
In a statement, he said: "It was yesterday. We trained, and around dinnertime Pablo (Otells, sporting director) called me. I met with him and he told me the decision. It was a difficult and emotional moment for both of us, something no one likes.
"There's no point dwelling on it; when we're signed, we don't look for explanations, and when we leave, there's no point in splitting hairs.
"I haven't been able to implement my playing style.
"I'm not happy; I expected more from myself. We started building, but we've ended up just surviving."
Regarding the differences between the dressing rooms at Osasuna, his previous team, and Mallorca, Arrasate reflected on a coach's journey: "Each dressing room has its own identity, its own unique character, and I have to open myself up, I have to learn.
"That's the lesson I'm taking away, and it didn't work out. Sometimes life gives you what you want, and other times what you need. Perhaps I needed this step to experience other challenges, another way of managing, and I'm sure it will serve me well in the future."
Finally, Arrasate confessed that he hopes "to be there on the day of the Oviedo match (the last matchday) and give the players a hug celebrating their survival," and wished his successor "the best of luck," because "the team needs a reaction".