Most LED Christmas lights I've seen blink at 60Hz, because they're literally just one long series string of diodes driven directly from AC. For example, a stack of 30 LEDs dropping an average of 4V each will drop an average total of 120V, which is how they can work directly from 120VAC line current. There's usually an inline resistor to limit the current through the LEDs, particularly important considering the peak voltage for 120VAC is 170VDC, and LEDs won't self current limit like incandescent bulbs. Manufacturers like this string approach because there's no "power supply", it's just the lights doing their own AC to DC rectification, but one burned out LED will take out the entire string.
Here's a possible circuit diagram, including the tiny fuses usually inside the plug, and the AC daisy-chain wires. The LEDs, being diodes, will only rectify half the AC waveform anyway, so this will still work if neutral is on the top or bottom wire here. Fuse and resistor values are notional, and depend on the number and type of the LEDs.
Many other circuits are possible, including multiple strings, or higher efficiency buck converters to do the AC to DC conversion (for a power factor higher than 0.5!).
(The very rapid line speed blinking can cause eyestrain and headaches for some people, especially in the dark and viewed by peripheral vision. Your country's line frequency and voltage may differ.)