As the coldest form of matter known to exist, atomic Bose-Einstein condensates are unique forms of matter where the constituent atoms lose their individual identities, becoming absorbed into the cloud as a whole. Effectively, these gases become a single macroscopic object that inherits its properties directly from the quantum world. In this work, I describe the quantum properties of a zero temperature condensate where the atoms have a propensity to pair, thereby leading to a molecular character that coexists with the atoms. Remarkably, the addition of this molecular component is found to induce a quantum instability that manifests itself as a collective decay of the assembly as a whole. As a signature of this phenomenon, there arises a complex chemical potential in which the imaginary part quantifies a coherent decay into collective phonon excitations of a collapsing ground state. The unique decay rate dependencies on both the scattering length and the density can be experimentally tested by tuning near a Feshbach resonance. Being a purely quantum mechanical effect, there exists no mechanical picture corresponding to this coherent many-body process. The results presented can serve as a model for other systems with similar underlying physics.