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Hyper Pink Lvl4 is obtainable from the Crown Jewel (also known as Casino) Robbery, in order to get a lvl4 one, you need to have a lvl3 hyperchrome in your inventory.
With Pink LVL5 continuing to perform worse, it shouldn't come as a surprise that Pink LVL4 has been performing way worse aswell. As grinding Pink LVL4 isn't worth it due to the LVL5 dropping, this leaves Pink LVL4 scrambling to trade it for anything they can, usually settling for lowballs as nobody wants to trade for it currently. As it continues to struggle, with it's future being quite uncertain, the unstable tag is being added aswell, as this clearly won't be it's last drop.
Supply is widely distributed — no single holder owns enough to register as a hoarder.